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L. interest expense on long-term borrowing and debt retirement other than on <br /> that portion of publicly-owned equipment and facilities required for public <br /> transportation; <br /> M. income taxes; <br /> N. that portion of any eligible operating expense for which the Grantee has or <br /> will receive reimbursement from any other federal or State capital grant <br /> program absent a specific federal or State directive allowing the capital <br /> expense to be treated as an operating expense; <br /> O. expenses associated with compliance with OMB Circular A-133 (Audits of <br /> States, Local Governments, and Non-Profit Organizations); <br /> Q. expenses for freight haulage provided by Grantee; <br /> R. any expense that is reimbursed from insurance proceeds; <br /> S. maintenance or operation of vehicles that are not used by a Grantee or its <br /> contractors for public transportation or to support public transportation <br /> operations; and <br /> T. any other expense determined by the Department to be inconsistent with <br /> federal regulations or requirements. <br /> If a Grantee receives federal operating assistance funds through the Department, <br /> and federal law prohibits the Grantee from using those funds to pay for any expense <br /> that is an eligible operating expense under the Act or the Rules, then that expense <br /> shall be ineligible for reimbursement. <br /> ITEM 8 - RECORD RETENTION <br /> All costs charged to the Project shall be supported by properly executed and clearly <br /> identified payrolls, time records, invoices, contracts, vouchers or checks evidencing <br /> in detail the nature and propriety of the charges. Such documentation shall be <br /> readily accessible on site at least until Project closeout. <br /> The Grantee shall maintain, for a minimum of three years after the completion of the <br /> contract, adequate books, records, and supporting documents to verify the <br /> amounts, recipients, and uses of all disbursements of funds passing in conjunction <br /> with the contract; the contract and all books, records, and supporting documents <br /> related to the contract shall be available for review and audit by the Auditor General <br /> or the Department (hereinafter"Auditing Parties"): and the Grantee agrees to <br /> cooperate fully with any audit conducted by the Auditing Parties and to provide full <br /> access to all relevant materials. Failure to maintain the books, records, and <br /> supporting documents required by this section shall establish a presumption in favor <br /> of the State for the recovery of any funds paid by the State under the contract for <br /> which adequate books, records, and supporting documentation are not available to <br /> support their purported disbursement. <br /> If any litigation, claim, negotiation, audit or other action involving the records has <br /> been started prior to the expiration of the three-year period, Grantee shall retain the <br /> Downstate Public Transportation Operating Grant Page 8 <br />