Financial Reporting and Accountability

The Guam Island Fair Committee shall ensure:

(a)that there is an open bidding process for all projects, goods, services, or activities that involve Fifteen Thousand Dollars ($15,000) or more, pursuant to Guam procurement law;

(b)that there are at least three

(3)price quotes for all projects, goods, services, or activities involving Fourteen Thousand Nine Hundred Ninety-nine Dollars ($14,999) or less;

(c)that all bids and price quotes be available for examination anytime it is requested to be examined by the Office of Public Accountability

(OPA)representative;

(d)that a single, exclusive operating account be established and maintained at an accredited financial institution, to be used for deposit of any and all funds received, and upon which any and all issued checks shall be drawn;

(e)that no payment is made, nor check issued, before the open bid process has first been completed and fully complied with;

(f)that all payments to vendors shall be in the form of a check that must be co-signed by the Guam Island Fair Executive Committee Chairman;

(g)that the DOA representative shall ensure that all checks are deposited in a timely and appropriate manner. The representative shall keep a ledger of all revenues and expenses; and

(h)that the Council submits a final report by September 15th following the closure of Liberation Day festivities, and provides a copy to I Maga’hågan/Maga’låhen Guåhan and the Office of Public Accountability.