Orange County NC Website
Browse       Search
applies to Project costs incurred by a Contractor <br />that is an institution of higher education. <br />(c1) U.S. OMB Guidance for Grants and Agreements "Cost <br />Principles for Non - profit Organizations (OMB Circular <br />A -122); 2 C.F.R. Part 230, applies to Project costs <br />incurred by a Contractor that is a private nonprofit <br />organization. <br />(d1) FAR, at 48 C.F.R., Subpart 31.2, "Contracts with <br />Commercial Organizations" applies to Project costs <br />incurred by a Contractor that is a for - profit organization. <br />Section 6. Reporting, Record Retention, and Access. <br />a. Reports. The Contractor shall advise the Department regarding the progress <br />of the Project at a minimum quarterly and at such time and in such a manner <br />as the Department may require. Such reporting and documentation may <br />include, but not limited to meetings and progress reports. The Contractor shall <br />collect and submit to the Department at such time as it may require, such <br />financial statements, data, records, contracts, and other documents related to the <br />Project as may be deemed necessary by the Department. Such reports shall <br />include narrative and financial statements of sufficient substance to be in <br />conformance with the reporting requirements of the Department. <br />The Contractor will be responsible for having an adequate cost accounting <br />system, and the ongoing burden of proof of adequacy for such system shall be <br />upon the Contractor. The Department will determine whether or not the Contractor <br />has an adequate cost accounting system. Such determination shall be documented <br />initially prior to payment of any invoices pursuant to the Agreement, and from time <br />to time as deemed necessary by the Department. In the event of a negative finding <br />during such determining proceedings, the Department may suspend, revoke, or <br />place conditions upon its determination, and /or may recommend or require remedial <br />actions as appropriate. <br />b. Record Retention. The Contractor and its third party contractors shall retain <br />all records pertaining to this Project for a period of five (5) years from the date of <br />final payment to the Contractor, or until all audit exceptions have been resolved, <br />whichever is longer, in accordance with "Records Retention and Disposition <br />Schedule — Public Transportation Systems and Authorities, April 1, 2006," at <br />(hftp://www.ah.dcr.state.nc.us/recordsAocalO. <br />C. Access to Records of Contractor and Subcontractors. The Contractor shall <br />permit and shall require its third party contractors to permit the Department, the <br />Comptroller General of the United States, and the Secretary of the United States <br />Department of Transportation, or their authorized representatives, to inspect all <br />work, materials, payrolls, and other data and records with regard to the Project, and <br />to audit the books, records, and accounts of the Contractor pertaining to the <br />Project. <br />d. Pro act Closeout. The Contractor agrees that Project closeout does not alter <br />the reporting and record retention requirements of this Section 6 of this Agreement. <br />Section 7. Proiect Completion. Audit. Settlement. and Closeout <br />a. Proiect Completion. Within ninety (90) calendar days following Project <br />completion, the end of the Project's period of performance, or termination by the <br />Department, the Contractor agrees to submit a final reimbursement request to the <br />Department for eligible Project expenses. <br />Updated 04/15/16 11 <br />