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is not entitled to receive any portion of the Federal or State assistance the <br /> subrecipient has requested or provided , the Department will notify the <br /> Subrecipient in writing , stating its reasons . The Subrecipient agrees that Project <br /> closeout will not alter the Subrecipient ' s responsibility to return any funds due <br /> the Federal or State Government as a result of later refunds , corrections , or <br /> other transactions ; nor will Project closeout alter the Federal or State <br /> Government ' s right to disallow costs and recover funds on the basis of a later <br /> audit or other review . Unless prohibited by Federal or State law or regulation , <br /> the Federal or State Government may recover any Federal or State assistance <br /> funds made available for the Project as necessary to satisfy any outstanding <br /> monetary claims that the Federal or State Government may have against the <br /> Subrecipient . <br /> L Federal or State Claims , Excess Payments , Disallowed Costs , Including <br /> Interest , <br /> i <br /> i . Subrecipient ' s Responsibility to Pay . Upon notification to the <br /> Subrecipient that specific amounts are owed to the Federal or State j <br /> Government , whether for excess payments of Federal or State <br /> assistance , disallowed costs , or funds recovered from third parties or j <br /> elsewhere , the Subrecipient agrees to remit to the Department promptly <br /> the amounts owed , including applicable interest and any penalties and <br /> administrative charges within 60 days of notification . <br /> ii . Interest Paid to the Department . The Subrecipient agrees to remit to the <br /> Department interest owed as determined in accordance with NCGS § <br /> 1 47 - 86 . 23 . <br /> iii . Interest and Fees Paid on Federal Funds . For amounts owed by the <br /> Subrecipient to the Federal Government , whether for excess payments <br /> of Federal assistance , disallowed costs , or funds recovered from third <br /> parties or elsewhere , the Subrecipient agrees to remit to the Federal <br /> Government promptly the amounts owed , including applicable interest , <br /> penalties and administrative charges as established by the Federal <br /> Transit Authority Master Agreement with NCDOT . <br /> j . De - obligation of Funds . The Subrecipient agrees that the Department may de - <br /> obligate unexpended Federal and State funds for grants that are inactive for six <br /> months or more . <br /> k . Project Closeout_ . Project closeout occurs when the Department issues the final <br /> project payment or acknowledges that the Subrecipient has remitted the proper <br /> refund . The Subrecipient agrees that Project closeout by the Department does <br /> not invalidate any continuing requirements imposed by this Agreement . <br /> 7 . Accounting Records <br /> NCDOT PTD Federal Agreement Page 6 of 23 <br /> Revised 6/28/2018 <br />