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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 wrth regard to <br /> the Project. The Department may, at its sole discretion and at its own expense, <br /> perform a final audit of the Prpject. 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 for the grant made under this <br /> Agreement, which cleazly identifies total expenditures and revenues, eligible <br /> expenses and revenues, and any operating deficit; and includes a final reconciliation <br /> statement of overpayments payable to or underpayments due from the State. <br /> Grantee's independent audit shall be submitted to the Department no later than 180 <br /> days following the last day of the fiscal year. <br /> ITEM 10 - PROJECT CLOSEOUT <br /> Grantee agrees to implement any audit findings contained in the Department's final <br /> udit the Grantee's inde endent audit or as a result of an dul authorized <br /> a , Y Y <br /> , P <br /> � <br /> artment s acce tance of final audit results the <br /> mspection or review. Upon the Dep p , <br /> Department may arrange for a final reconciliation payment to or from Grantee, as <br /> necessary. The Department shall consider the Pro�ect 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 />