S Agreement - Public Transportation State Capital Grant Agreement for Public Body $209,500

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refunds (e.g., refundable sales and use taxes pursuant to N.C.G.S. 105- 164.14), rebates, or other items of value received by the Contractor that have the effect of reducing the cost actually incurred; (5) Incurred (and be for work performed) within the period of performance of this Agreement unless specific authorization from the Department to the contrary is received; (6) Satisfactorily documented; (7) Treated uniformly and consistently under accounting principles and procedures approved or prescribed by the Department. (8) In conformance with the standards for allowability of costs set forth in Office of Management and Budget (OMB) Circular A-87 "Cost Principles for State, Local, and Indian Tribal Govemments;" (a) U.S. OMB Guidance for Grants and Agreements, "Cost Principles for State, Local, and Indian Tribal Governments (OMB Circular A-87)", 2 C.F.R. Part 225, applies to Project costs incurred by a Contractor that is a State, local, or Indian tribal government. (b) U.S. OMB Guidance for Grants and Agreements, "Cost Principles for Educational Institutions (OMB Circular A-21), "2 C.F.R. Part 220, applies to Project costs incurred by a Contractor that is an institution of higher education. (c) U.S. OMB Guidance for Grants and Agreements "Cost Principles for Non-profit Organizations (OMB Circular A-122)'," 2 C.F.R. Part 230, applies to Project costs incurred by a Contractor that is a private nonprofit organization. (d) FAR, at 48 C.F.R., Subpart 31.2, "Contracts with Commercial Organizations" applies to Project costs incurred by a Contractor that is afor-profit organization. Section 9. Reporting. Record Retention, and Access. (a) Reports. The Contractor shall report to the Department on the progress and activity of the Project at a minimum quarterly. The Contractor shall collect and submit to the Department as required, such financial statements, data, records, contracts, and other documents related to the Project as may be deemed necessary by the Department. Such reports shall include narrative and financial statements of sufficient substance to be in conformance with the reporting requirements of the Department. (b) Record Retention. The Contractor and its third party contractors shall retain all records pertaining to this Project for a period of five (5) years from the date of final payment to the Contractor, or until all audit exceptions have been resolved, whichever is longer, in accordance with "Records Retention and Disposition Schedule -Public Transportation Systems and .Authorities, April 1, 2006," at (h ttp : //www. a h . d cr. state . n c. u s/records/I o ca I/). (c) Access to Records of Contractor and Sub-contractors. The Contractor shall permit and shall require its third party contractors to permit the Department, the Comptroller General of the United States, and the Secretary of the United States Department of Transportation, or their authorized representatives, to inspect all work, materials, payrolls, and other data and records with regard to the Project, and to audit the books, records, and accounts of the Contractor pertaining to the Project. Section 10. Proiect Completion, Audit, Settlement, and Closeout. Updated 07/26/10 11