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DocuSign Envelope ID: 1970E54E-AE09-4466-994B-01CAF3868F32
<br /> payrolls, time records, invoices, contracts, receipts, or vouchers evidencing in detail the
<br /> nature and propriety of the charges.
<br /> 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 /> Agreement; 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 1, 2006," at https://files.nc.gov/dncr-
<br /> archives/documents/files112ublic transportation systems authorities 20060401 1.pdf
<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 OMB Circular A-133
<br /> (http://www.ecfr.gov/cgi-bin/text-idx?SID=a4f865859e78a1e545ftd4c22b49fc86&node=sp2.1.20O.e&rgn=div6),
<br /> "Audits of State, Local Governments and Non-Profit Organizations," current as of April 2,
<br /> 2015, and N.C.G.S. 159-34, the Recipient shall have its accounts audited as soon as possible
<br /> after the close of each fiscal year by an independent auditor. TJCOG reserves the right to
<br /> request annual audit reports from the subrecipient.
<br /> c. Audit Costs. Unless prohibited by law, the costs of audits made in accordance with the
<br /> provisions of OMB Circular A-133 are allowable charges to State awards.The charges maybe
<br /> considered a direct cost or an allocated indirect cost, as determined in accordance with cost
<br /> principles outlined in OMB Circular A-87 "Cost Principles for State, Local, and Indian Tribal
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