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i <br /> i <br /> I <br /> i <br /> f. Financial Reporting and Audit Requirements . In accordance with 09 NCAC i <br /> 03M . 0205 , all reports shall be filed with the Department in the format and <br /> method specified by the agency no later than three ( 3 ) months after the end of <br /> the recipient ' s fiscal year , unless the same information is already required <br /> through more frequent reporting . Audit Reports must be provided to the funding <br /> agency no later than nine ( 9 ) months after the end of the recipient ' s fiscal year . <br /> g . Parts Inventory . Financial audits must address parts inventory management . <br /> h . Third Party Loans . Within 30 days of receipt , the Subrecipient shall disclose to 1 <br /> the Department any loans received from a local government entity or other <br /> entity not party to this agreement . <br /> i . Audit Costs . Unless prohibited by law , the costs of audits made in accordance <br /> with Title 2 CFR 200 , Subpart F "Audit Requirements " are . allowable charges to <br /> State and Federal awards . The charges may be considered a direct cost or an <br /> allocated indirect cost , as determined in accordance with cost principles <br /> outlined in Title 2 CFR 200 , Subpart E " Cost Principles . " The cost of any audit <br /> not conducted in accordance with Title 2 CFR 200 and NCGS § 159 - 34 is <br /> unallowable and shall not be charged to State or Federal grants . <br /> 9 . Compliance with Laws and Regulations <br /> a . No terms herein shall be construed in a manner that conflicts with the rules and <br /> regulations of the Department or with state or federal law . <br /> b . The Subrecipient agrees to comply with all applicable state and federal laws <br /> and regulations , including titles 09 NCAC 3M and 19A NCAC 5B , as amended . <br /> 10 . Conflicts of Interest Policy <br /> The subrecipient agrees to file with the Department a copy of the subrecipient ' s policy <br /> addressing conflicts of interest that may arise involving the subrecipient ' s management <br /> employees and the members of its board of directors or other governing body . The <br /> subrecipient ' s policy shall address situations in which any of these individuals may directly <br /> or indirectly benefit , except as the subrecipient ' s employees or members of its board or <br /> other governing body , from the subrecipient ' s disbursing of State funds , and shall include <br /> actions to be taken by the subrecipient or the individual , or both , to avoid conflicts of <br /> interest and the appearance of impropriety . The conflicts of interest policy shall be filed <br /> with the Department prior to the Department disbursing funds to the subrecipient . <br /> Prohibition on Bonus or Commission Payments <br /> The Subrecipient affirms that it has not paid and will not pay any bonus or commission <br /> to any party to obtain approval of its Federal or State assistance application for the <br /> Project . <br /> NCDOT PTD Federal Agreement Page 8 of 23 <br /> Revised 6/28/2018 <br />