---
kind: "section"
citation: "20 C.F.R. § 679.420"
title: "20"
number: "679.420"
heading: "What are the functions of the local fiscal agent?"
url: "https://uscodex.org/cfr/20/679.420"
---

# §679.420. What are the functions of the local fiscal agent?

- (a) In order to assist in administration of the grant funds, the chief elected official or the Governor, where the Governor serves as the local grant recipient for a local area, may designate an entity to serve as a local fiscal agent. Designation of a fiscal agent does not relieve the chief elected official or Governor of liability for the misuse of grant funds. If the CEO designates a fiscal agent, the CEO must ensure this agent has clearly defined roles and responsibilities.
- (b) **In general the fiscal agent is responsible for the following functions—**
  - (1) **Receive funds.**
  - (2) Ensure sustained fiscal integrity and accountability for expenditures of funds in accordance with Office of Management and Budget circulars, WIOA and the corresponding Federal Regulations and State policies.
  - (3) **Respond to audit financial findings.**
  - (4) **Maintain proper accounting records and adequate documentation.**
  - (5) **Prepare financial reports.**
  - (6) **Provide technical assistance to subrecipients regarding fiscal issues.**
- (c) At the direction of the Local WDB or the State WDB in single-area States, the fiscal agent may have the following additional functions:
  - (1) **Procure contracts or obtain written agreements.**
  - (2) **Conduct financial monitoring of service providers.**
  - (3) **Ensure independent audit of all employment and training programs.**

## Notes

### Authority

Authority: Secs. 101, 106, 107, 108, 189, 503, Public Law 113-128, 128 Stat. 1425 (Jul. 22, 2014).

### Source

Source: 81 FR 56371, Aug. 19, 2016, unless otherwise noted.