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� • <br /> ITEM 8 - INSPECTION AND AUDIT <br /> Grantee shall permit, and shall require its contractors and auditors to permit, the <br /> Department, and any authorized agent of the Department, to inspect all work, <br /> materials, payrolls, audit working papers, and other data and records pertaining to the <br /> Project; and to audit the books, records, and accounts of the Grantee with regard to <br /> the Project. The Department may, at its sole discretion and at its own expense, <br /> perform a final audit of the Project. Such audit may be used for settlement of the <br /> grant and Project closeout. <br /> Grantee agrees.to permit the Department to conduct scheduled or unscheduled <br /> inspections of Grantee's public transportation services. Such inspections shall be <br /> conducted at reasonable times, without unreasonable disruption or interference with <br /> any transportation service or other business activity of the Grantee or any Service <br /> Board. <br /> ITEM 9 - GRANTEE'S INDEPENDENT AUDIT <br /> Grantee shall select an independent Certified Public Accountant to perform an audit <br /> pursuant to the requirements of Section 653.410 of the Rules. The standards for <br /> selection of the auditor and the scope and contents of the audit are contained in <br /> Section 653.410 of the Rules; Grantee and its auditor shall become familiar with the <br /> Rules and adhere to its provisions in completion of the audit. The audit shall also be <br /> completed in conformity with the Single Audit Act(31 USC 7501 et sea), and shall <br /> include a statement, if applicable,that any allocation of revenues and expenses to the <br /> program of approved expenditures funded under this Agreement is in accordance <br /> with a cost allocation plan approved by the Department. Grantee's audit must <br /> include a separate Schedule of Revenues and Expenses, as prescribed by the <br /> Department, for the grant made under this Agreement, which clearly identifies total <br /> expenditures and revenues, eligible expenses and revenues, and any operating deficit; <br /> and includes a final reconciliation statement of overpayments payable to or <br /> underpayments due from the State. Grantee's independent audit shall be submitted to <br /> the Department no later than 180 days following the last day of the fiscal year. <br /> JTEM 10 - PROJECT CLOSEOUT <br /> Grantee agrees to implement any audit findings contained in the Department's final <br /> audit, the Grantee's independent audit, or as a result of any duly authorized <br /> inspection or review. Upon the Department's acceptance of final audit results,the <br /> Department may arrange for a final reconciliation payment to or from Grantee, as <br /> necessary. The Department shall consider the Project closed when the reconciliation <br /> payment is made, either by the Department or by Grantee. The Department shall <br /> send notification to Grantee that the grant is closed. Payment issues, audit issues or <br /> any other matters pertaining to the grant may not be subsequently raised and are <br /> forever settled upon Project closeout. Closeout shall be subject to any continuing <br /> obligations imposed on the Grantee by this Agreement or contained in the final <br /> notification from the Department. <br /> 5 <br />