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b . Allowable Costs . Expenditures made by the Recipient shall be reimbursed as allowable costs <br /> to the extent they meet all of the requirements set forth below. They must be : ( 1 ) consistent <br /> with the Project Work Plan, Project Budget, and all other provisions of this Agreement, (2 ) <br /> Necessary in order to accomplish the Project; ( 3 ) Reasonable in amount for the goods or <br /> services purchased; (4) Actual net costs to the Recipient, i . e . , the price paid minus any <br /> refunds ; ( 5 ) Incurred and be for work performed within the period of performance of this <br /> Agreements and ( 6 ) Satisfactorily documented . <br /> Section 6 . Reporting, Record Retention, and Access . <br /> a . Reports & Invoices . The Recipient shall provide quarterly reports to TJCOG on the progress <br /> of its TDM activities described in the Work Plan . The Recipient shall collect and submit to <br /> TJCOG at such time as it may require, such financial statements , data, records , contracts , and <br /> other documents related to the Project as may be deemed necessary by TJCOG . Such reports <br /> shall include narrative and financial statements of sufficient substance to be in <br /> conformance with the reporting requirements of the Triangle TDM Grant Program <br /> b . Record Retention . The Recipient and its third party contractors shall retain all records <br /> pertaining to this Project for a period of five ( 5 ) years from the date of final payment to the <br /> Recipient, or until all audit exceptions have been resolved, whichever is longer, in accordance <br /> with " Records Retention and Disposition Schedule - Public Transportation Systems and <br /> Authorities , April 11 2006 , " at <br /> http : / /archives . ncdcr. gov/ Portals / 3 / PDF / schedules /schedules revised / public transporati <br /> on authorities . pdf [sic] . <br /> c . Access to Records of Recipient and Subcontractors . The Recipient shall permit and shall <br /> require its third party contractors to permit TJCOG or its authorized representatives to <br /> inspect all work, materials , payrolls, and other data and records with regard to the Project, <br /> and to audit the books , records , and accounts of the Recipient pertaining to the Project. TJCOG <br /> shall reserve the right to reject any and all materials and workmanship for defects and <br /> incompatibility with Project Description or excessive cost. The Department shall notify the <br /> Recipient, in writing, if materials and / or workmanship are found to be unacceptable . The <br /> Recipient shall have ninety ( 90 ) days from notification to correct defects or to provide <br /> acceptable materials and / or workmanship . Failure by the Recipient to provide acceptable <br /> materials and / or workmanship , or to correct noted defects , shall constitute a breach of <br /> contract. <br /> d . Project Closeout. The Recipient agrees that Project closeout does not alter the reporting and <br /> record retention requirements of this Section 6 of this Agreement. <br /> Section 7 . Project Completion, Audit, Settlement, and Closeout. <br /> a . Project Completion . Within thirty ( 30 ) calendar days following Project completion, the end of <br /> the Project' s period of performance, the Recipient agrees to submit a final reimbursement <br /> request to TJCOG for eligible Project expenses . <br /> b . Financial Reporting and Audit Requirements . In accordance with the single audit act <br /> amendments of 1996 and title 2 U . S . Code of Federal Regulations (CFR) part 200 Uniform <br /> Administrative Requirements , Cost Principles, and Audit Requirements for Federal Awards <br /> (Uniform Guidance) and the State Single Audit Implementation Act and N . C . G . S . 159 - 34, the <br /> Recipient shall have its accounts audited as soon as possible after the close of each fiscal year <br /> by an independent auditor. TJCOG reserves the right to request annual audit reports from the <br /> subrecipient. <br /> c . Audit Costs . Unless prohibited by law, the costs of audits made in accordance with the single <br /> audit act amendments of 1996 and title 2 U . S . Code of Federal Regulations ( CFR) part 200 <br /> Uniform Administrative Requirements , Cost Principles, and Audit Requirements for Federal <br /> Awards (Uniform Guidance ) and the State Single Audit Implementation Act are allowable <br /> Page 6 of 18 <br />