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ITEM 11 —ACCOUNTING, RECORDS, AND ACCESS <br /> A. Project Accounts-The Grantee shall establish and maintain, as a separate set of accounts or as <br /> an integral but identifiable part of its current accounting scheme, accounts for the Project("Project <br /> AccounY') in conformity with requirements established by the Government. <br /> B. Funds Received or Made Available for the Proiect—The Grantee shall appropriately record in the <br /> Project Account, and deposit in a federally insured bank or trust company, all Grant payments <br /> received by it from the Department pursuant to this Agreement and all other funds provided for, <br /> accruing to, or otherwise received on account of the Project, which Department payments and <br /> other funds are herein collectively referred to as "Project Funds". <br /> The Grantee shall require the depositories of Project Funds to secure continuously and fully all <br /> Project Funds in excess of the amounts insured under federal plans, or under state plans which <br /> have been approved for the deposit of the Project Funds by the Department, by the deposit or <br /> setting aside of collateral of the types and in the manner as described by state law for the security <br /> of public funds or as approved by FTA. <br /> The Grantee agrees to report to the Department, at such other times as the Department may <br /> prescribe in writing, the amounts recorded, as required above, in the Project Account. <br /> All Project Funds held by the Grantee over one(1) month shall draw interest and the amount of <br /> such interest earned shall be reported to the Department in the quarterly Project Account report. <br /> Such interest shall be applied to the Net Project Cost as directed by the Department. <br /> C. Eliaible Costs - Expenditures made by the Grantee shall be reimbursable as eligible costs to the <br /> extent they meet all of the requirements set forth below. They must: <br /> 1. be made in conformance with the Grantee's final approved application and the Approved <br /> Project Budget and all other provisions of this Agreement; <br /> 2. be necessary in order to accomplish the Project; <br /> 3. be reasonable in amount for the goods or services purchased; <br /> 4. be actual net costs to the Grantee(i.e., the price paid minus any refunds, rebates, or other <br /> items of value received by the Grantee that have the effect of reducing the cost actually <br /> incurred); <br /> 5. be incurred (and be for work performed)after the date of this Agreement, unless specific <br /> authorization from the Department to the contrary is received in writing; <br /> 6. be in conformance with the standards for allowability of costs established by the <br /> Department; <br /> 7. be satisfactorily documented; <br /> 8. be treated uniformly and consistently under accounting principles and procedures approved <br /> or prescribed by the Department for the Grantee; and those approved or prescribed by the <br /> Grantee for its contractors; <br /> 9. be eligible support and supervisory costs, but only for grantees for whom the Department <br /> has approved such costs. Such support and supervisory costs mean those supervisory <br /> State/Federal Capita!Grant Page 13 <br />