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ITEM 11 -ACCOUNTING RECORDS <br /> a. Project Accounts -The Grantee shall establish and maintain as a separate set of accounts, or as an <br /> integral part of its current accounting scheme, accounts for the Project in conformity with requirements <br /> established by the Department. • <br /> b. Funds Received or Made Available for the Proiect - Grantee shall appropriatety record in the Project <br /> Account, and deposit in a federally insured bank or trust company, all Grant payments received by it from <br /> the Department pursuant to this Agreement and all other funds provided for, accruing to, or otherwise <br /> received on account of the Project, which Department payments and other funds are herein collectively <br /> referred to as"Project Funds." <br /> The Grantee shall require the depositories of Project Funds to secure continuously and fully all Project <br /> Funds in excess of the amounts insured under federal plans, or under state plans which have been <br /> approved for the deposit of the Project Funds by the Department, by the deposit or setting aside of <br /> collateral of the types and in the manner as described by state law fo�the securiry of public funds. <br /> The Grantee agrees to report to the Department quarterly by the fifteenth day of the month following the <br /> reported quarter, and at such other times as the Department may prescribe in writing, the amounts <br /> recorded in the Project Account. <br /> All Project Funds held by the Grantee over one (1) month shall draw interest and the amount of such <br /> interest earned shall be reported to the Department in the quarterly Project Account report. Such interest <br /> shall be applied to the Net Project Cost as directed by the Department. <br /> c. Eligible 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 final, approved application and the Approved Project Budget <br /> 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 items <br /> of value received by the Grantee that have the effect of reducing the cost actually incurred); <br /> (5) be incurred (and be for work performed) after the date of this Agreement, unless specific written <br /> authorization from the Department to the contrary is received; <br /> (6) be in conformance with the standards for allowabiliry of costs established by the Department; <br /> (7) be satisfactorily documented; <br /> (8) be treated uniformly and consistently under accounting principles and procedures approved or <br /> prescribed by the Department for the Grantee; and those approved or prescribed by the Grantee for <br /> its contractors;and <br /> (9) be eligible support and supervisory costs, but only for eligible Grantees. Such support and <br /> supervisory costs mean those supervisory costs allocated to the capital project based on an approved ' <br /> cost allocaiion plan and support services costs. Provided however, that the Department will�not . . <br /> consider for approval a cost allocation plan that has not been approved by either the Federal Transit <br /> State Capital Grant �� <br />