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DocuSign Envelope ID:63E81679-OC83-4B6C-B9E4-AFBB81985720 <br /> by properly executed payrolls, time records, invoices, contracts, or vouchers <br /> evidencing in detail the nature and propriety of the charges. <br /> 8. Reporting, Record Retention, and Access <br /> a. Progress Reports. The Subrecipient shall advise the Department, through EBS, <br /> regarding the progress of the Project at a minimum quarterly, and at such time <br /> and in such a manner as the Department may require. Such reporting and <br /> documentation may include, but not be limited to: operating statistics, <br /> equipment usage, meetings, progress reports, and monthly performance <br /> reports. The Subrecipient shall collect and submit to the Department such <br /> financial statements, data, records, contracts, and other documents related to <br /> the Project as may be deemed necessary by the Department. Reports shall <br /> include narrative and financial statements of sufficient substance to be in <br /> conformance with the reporting requirements of the Department. Progress <br /> reports throughout the useful life of the project equipment shall be used, in part, <br /> to document utilization of the project equipment. Failure to fully utilize the <br /> project equipment in the manner directed by the Department shall constitute a <br /> breach of contract, and after written notification by the Department, may result <br /> in termination of the Agreement or any such remedy as the Department deems <br /> appropriate. <br /> b. Failure to comply with grant reporting and compliance guidelines set forth in <br /> the NCDOT PTD State Management Plan could result in financial penalties up <br /> to and including loss of current and future grant funding. <br /> c. Record Retention. The Subrecipient and its third party subrecipients shall retain <br /> all records pertaining to this Project for a period of five (5) years from the date <br /> of final payment to the Subrecipient, or until all audit exceptions have been <br /> resolved, whichever is longer. <br /> d. Project Closeout. The Subrecipient agrees that Project closeout does not alter <br /> the reporting and record retention requirements of this Agreement. <br /> e. State Auditor Oversight. The Subrecipient agrees to audit oversight by the <br /> Office of the State Auditor, to provide the Office of the State Auditor with access <br /> to accounting records, and to make available any audit work papers in the <br /> possession of any auditor of the Subrecipient. <br /> f. Financial Reporting and Audit Requirements. In accordance with 09 NCAC <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 /> NCDOT PTD Federal Agreement Page 7 of 23 <br /> Revised 12/28/2018 <br />