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Contract No. TJCOG— CBS -004 <br />ARTICLE 28. METHOD OF PAYMENT <br />Payments are to be used exclusively for costs incurred during the Performance Period. TJCOG shall make <br />payment to the Contractor upon receipt of invoices submitted either 1) to the following mailing address: <br />Triangle J Council of Governments <br />Attn: Kathy Boyer <br />Post Office Box 12276 <br />Research Triangle Park, NC 27709 <br />or 2) electronically to the Contractor's online project portal. <br />a) Invoices shall reflect costs incurred by approved Budget line item. Invoices should be accompanied by <br />written documentation of costs. <br />b) The final invoice should be submitted to TJCOG no later than sixty (60) days following termination of <br />this Agreement. <br />ADMINISTRATIVE TERMS AND CONDITIONS <br />ARTICLE 29. SINGLE AUDIT REOUIREMENT <br />The Contractor shall have a certified annual audit performed utilizing Generally Accepted Accounting <br />Principles and Generally Accepted Auditing Standards. <br />Federal Funded Awards: <br />Governmental Contractors, or their assignees, that expend $300,000 or more in a single year from awards <br />which funding originated from Federal Government sources shall comply with the Single Audit Act of 1996, <br />OMB Circular A -133, and TJCOG Single Audit Guidelines. Audit reports are due to TJCOG within thirty (30) <br />days from issuance of the report, but no later than nine (9) months after the end of the audit period. <br />Non - profit Contractors, or their assignees, that expend $300,000 or more in a single year from awards which <br />funding originated from Federal Government sources shall comply with the Single Audit Act of 1996, OMB <br />Circular A -133 and TJCOG Single Audit Guidelines. In addition, a separate footnote or schedule shall be <br />included listing all awards which funding originated from State Government sources and the total cash expended <br />under each of those awards for the year under audit. Audit reports are due to TJCOG within thirty (30) days <br />from issuance of the report, but no later than nine (9) months after the end of the audit period. <br />For - profit Contractors, or their assignees, that expend $300,000 or more in a single year from awards which <br />funding originated from Federal Government sources shall have a certified annual audit performed utilizing <br />Generally Accepted Accounting Principles, Generally Accepted Auditing Standards and Government Auditing <br />Standards. In addition, a separate footnote or schedule shall be included listing all awards which funding <br />originated from Federal Government sources and the total cash expended under each of those awards for the <br />year under audit. Audit reports are due to TJCOG within thirty (30) days from issuance of the report, but no <br />later than nine (9) months after the end of the audit period. <br />One (1) copy of the Audit along with the Management Letter shall be submitted to the address listed below. <br />Responses and corrective action to be taken by management must be included for any findings or comments <br />issued by the auditor. <br />Page 7 of 34 <br />