2017-225 OPT - Triangle J. Council of Governments - Grant Award Agreement

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Section 5.Accounting Records. a. Documentation of Project Costs. All costs charged to the Project, including any approved services performed by the Recipient or others, shall be supported by properly executed payrolls, time records, invoices, contracts, receipts, or vouchers evidencing in detail the nature and propriety of the charges. b. Allowable Costs. Expenditures made by the Recipient shall be reimbursed as allowable costs to the extent they meet all of the requirements set forth below.They must be: (1) consistent with the Project Work Plan, Project Budget, and all other provisions of this Agreement; (2) Necessary in order to accomplish the Project; (3) Reasonable in amount for the goods or services purchased; (4) Actual net costs to the Recipient, i.e., the price paid minus any refunds; (5) Incurred and be for work performed within the period of performance of this Agreement;and (6) Satisfactorily documented. Section 6.Reporting, Record Retention,and Access. a. Reports & Invoices. The Recipient shall provide quarterly reports to TJCOG on the progress of its TDM activities described in the Work Plan.The Recipient shall collect and submit to TJCOG at such time as it may require,such financial statements,data,records,contracts,and other documents related to the Project as may be deemed necessary by TJCOG.Such reports shall include narrative and financial statements of sufficient substance to be in conformance with the reporting requirements of the Triangle TDM Grant Program b. Record Retention. The Recipient 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 Recipient,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 http:Ilarchives.ncdcr.gov/Portals/3/PDFIschedules/schedules revised/public transoorati on authorities.pdf[sic]. c. Access to Records of Recipient and Subcontractors. The Recipient shall permit and shall require its third party contractors to permit TJCOG or its 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 Recipient pertaining to the Project.TJCOG shall reserve the right to reject any and all materials and workmanship for defects and incompatibility with Project Description or excessive cost. The Department shall notify the Recipient, in writing, if materials and/or workmanship are found to be unacceptable. The Recipient shall have ninety (90) days from notification to correct defects or to provide acceptable materials and/or workmanship. Failure by the Recipient to provide acceptable materials and/or workmanship, or to correct noted defects, shall constitute a breach of contract. d. Project Closeout.The Recipient agrees that Project closeout does not alter the reporting and record retention requirements of this Section 6 of this Agreement. Section 7. Project Completion,Audit,Settlement,and Closeout. a. Project Completion.Within thirty(30)calendar days following Project completion,the end of the Project's period of performance, the Recipient agrees to submit a final reimbursement request to TJCOG for eligible Project expenses. b. Financial Reporting and Audit Requirements. In accordance with the single audit act amendments of 1996 and title 2 U.S. Code of Federal Regulations (CFR) part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Implementation Act and N.C.G.S. 159-34,the Recipient shall have its accounts audited as soon as possible after the close of each fiscal year Page 6 of 18