Agenda - 02-19-1991 (2) - Laserfiche WebLink

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Page 5 of 15 funds to be refunded to the UMTA in addition to the corresponding amount of Department match if so required by the Department. Section 6. Records and Reports. (a) Establishment and Maintenance of Accounting Records. The Contractor shall establish and maintain, in accordance with requirements established by the Department, separate accounts for the Project, to be known as the Project Account, either independently or within its existing accounting system. The Department shall have the right to inspect the Project Account as necessary. (b) Documentation of Project Costs. All charges to the Project Account shall be supported by properly executed invoices, contracts, or vouchers evidencing in detail the nature and the propriety of the charges, as referenced in 49 CFR Part 18. (c) Allowable Costs. Expenditures made by the Contractor shall be reimbursed as allowable costs to the extent they meet all of the requirements set forth below. They must be: (1) based on work completed to the satisfaction of the Department within the time frame established by the approved Project, and further be made in conformance with the approved Annual Budget and all other provisions of this Agreement; (2) necessary in order to accomplish the Project; (3) actual net costs to the Contractor, defined as the price paid minus any refunds, rebates, or other items of value received by the Contractor which have the effect of reducing the cost actually incurred, including credit for fuel or sales taxes paid by local governments and private nonprofit organizations eligible to file for such tax refunds from the appropriate State or Federal office;