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(2) Amount of Interest, The Contractor agrees to remit to the Department interest
<br />owed as determined in accordance with N.C.G.S,. 147-86.23. Upon notification to the Contractor that
<br />specific amounts are owed to the Federal Government, whether for excess payments of Federal
<br />assistance, disallowed costs, or funds recovered frorn third parties or elsewhere, the Contractor agrees
<br />to remit to the Federal Government promptly the amounts owed, including applicable interest, penalties
<br />and administrative charges.
<br />(3) Payment FTA. Upon receipt of repayment from the Contractor, the
<br />Department shall be responsible to remit amounts owed to FTA,
<br />h, De-obficiation of Funds. The Contractor agrees that the Department may de-obligate
<br />unexpended Federal and State funds, before Project closeout
<br />Section 8. 802MMM AccOUnti Records.
<br />. _2 .2
<br />a, Establishment and Maintenance of Accountipg_ Records. The Contractor shall
<br />establish and maintain separate, accounts for the public transportation program, either independently or
<br />within the existing accounting system, All costs charged to the prograrn shall be in accordance with
<br />most current approved Annual Budget and shall be reported to the Department in accordance with
<br />UPTAS.
<br />b. Documentation of Protect Cos�ts. All costs charged to the Project, including any
<br />approved services performed by the Contractor or others, shall be supported by properly executed
<br />payrolls, firne records, invoices, contracts, or vouchers evidencing in detail the nature and propriety of
<br />the charges, as referenced in 49 C.F.R. 18, the Office of Management and Budget Circulars A-87,
<br />"Costs Principles for State, Local, and Indian Tribal Governments" and A-102 "Grants and Cooperative
<br />Agreements with State and Local Governments,"
<br />C. Allowable Costs, Expenditures made by the Contractor shall be reimbursed as
<br />allowable costs to the extent they meet all of the requirements set forth below. They rnUlst 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. 105-
<br />164,14), rebates, or other items Of Value received by the Contractor that have
<br />the effect of reducing the cost actually incurred;
<br />(5) incurred (and be for work performed) within the period of performance and
<br />period covered' of this Agreement unless specific authorization frorn the
<br />Department to the contrary is received;
<br />(6) Satisfactorily documented�
<br />(7) Treated uniformly and consistently under accounting principles and procedures
<br />approved or prescribed by the Department, and
<br />(8) In compliance with U.S. DOT regulations pertaining to allowable costs at 49
<br />C.F R. § 18.22(b) or 49 CY.R. § 19,27, which regulations specify the
<br />applicability of 2 CFR 200, "Uniform Administrative Requirements, Cost
<br />Principles, and Audit Requirements for Federal Awards as follows:
<br />(al) Title 2 CPR 2010, Subpart E — Cost Principles
<br />(formerly OMB Circulars A-87, A-21, and A-122)
<br />(dl) FAR, at 48 C.F.R., Subpart 31.2, "Contracts with
<br />Commercial Organizations" appfies to Project costs
<br />incurred by a Contractor that is a for-profit organization.
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