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Government, whether for excess payments of Federal assistance, disallowed <br />costs, or funds recovered from third parties or elsewhere, the Contractor <br />agrees to remit to the Federal Government promptly the amounts owed, <br />including applicable interest, penalties and administrative charges. <br />(3) Payment to FTA. Upon receipt of repayment from the Contractor, the <br />Department shall be responsible to remit amounts owed to FTA. <br />h. De- obligation of Funds. The Contractor agrees that the Department may de- <br />obligate unexpended Federal and State funds before Project closeout. <br />Section 5. Accounting Records. <br />a. Establishment and Maintenance of Accounting Records. The Contractor <br />shall establish and maintain separate accounts for the public transportation <br />program, either independently or within the existing accounting system. All costs <br />charged to the program shall be in accordance with most current approved Annual <br />Budget and shall be reported to the Department in accordance with UPTAS. <br />b. Documentation of Pro set Costs. All costs charged to the Project, including <br />any approved services performed by the Contractor or others, shall be supported by <br />properly executed payrolls, time records, invoices, contracts, or vouchers <br />evidencing in detail the nature and propriety of the charges, as referenced in 49 <br />C.F.R. 18, the Office of Management and Budget Circulars A-87, "Costs Principles <br />for State, Local, and Indian Tribal Governments" and A -102 "Grants and <br />Cooperative Agreements with State and Local Governments." <br />C. Allowable Costs. Expenditures made by the Contractor shall be reimbursed <br />as allowable costs to the extent they meet all of the requirements set forth below. <br />They must be: <br />(1) Consistent with the Project Description, plans, specifications, and <br />Project Budget and all other provisions of this Agreement; <br />(2) Necessary in order to accomplish the Project; <br />(3) Reasonable in amount for the goods or services purchased; <br />(4) Actual net costs to the Contractor, i.e., the price paid minus <br />any refunds (e.g., refundable sales and use taxes pursuant to N.C.G.S. <br />105- 164.14), rebates, or other items of value received by the <br />Contractor that have the effect of reducing the cost actually incurred; <br />(5) Incurred (and be for work performed) within the period of performance <br />of this Agreement unless specific authorization from the Department to <br />the contrary is received; <br />(6) Satisfactorily documented; <br />(7) Treated uniformly and consistently under accounting principles and <br />procedures approved or prescribed by the Department; and <br />(8) In compliance with U.S. DOT regulations pertaining to allowable costs <br />at 49 C.F.R. § 18.22(b) or 49 C.F.R. § 19.27, which regulations specify <br />the applicability of U.S. Office of Management and Budget (U.S. OMB) <br />circulars and Federal Acquisition Regulation (FAR) provisions are <br />follows: <br />(a1) U.S. OMB Guidance for Grants and Agreements, "Cost <br />Principles for State, Local, and Indian Tribal Governments <br />(OMB Circular A -87) ", 2 C.F.R. Part 225, applies to Project <br />costs incurred by a Contractor that is a State, local, or <br />Indian tribal government. <br />(b1) U.S. OMB Guidance for Grants and Agreements, "Cost <br />Principles for Educational Institutions <br />(OMB Circular A -21), "2 C.F.R. Part 220, <br />Updated 04/15116 10 <br />