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ITEM 7 - RECORD RETENTION <br /> All costs charged to the Pro�ect shall be supported by properly <br /> executed and clearly identified payrolls, time records, invoices, <br /> contracts, vouchers or checks evidencing in detail the nature and <br /> propriety of the charges. Such documentation shall be readily <br /> accessible on site at least until Pro3ect closeout. <br /> The Grantee shall maintain, for a minimum of 5 years after the <br /> completion of the contract, adequate books, records, and <br /> supporting documents to verify the amounts, recipients, and uses <br /> of all disbursements of funds passing in con�unction with the <br /> contract; the contract and all books, records� and supporting <br /> documents related to the contract shall be available for review <br /> and audit by th� Auditor General or the Department (hereinafter <br /> "Auditing Parties") : and the Grantee agrees to cooperate fully <br /> with any sudit conducted by the Auditing Parties and to provide <br /> full access to all relevant materials. Failure to maintain the <br /> books, records, and supporting documents required by this section <br /> shall establish a presumption in favor of the State for the <br /> recovery of any funds paid by the State under the contract for <br /> which adequate books, records, and supporting documentation are <br /> not available to support their purported disbursement. <br /> If any litigation, claim, negotiation, sudit or other action <br /> involving the records has been started prior to the expiration of <br /> the 5-year period, Grantee shall retain the records for five <br /> years after completion of the action and resolution of all issues <br /> arising from it. <br /> ITEM 8 - INSPECTION AND AUDIT <br /> Grantee shall permit, and shall require its contractors and <br /> auditors to permit, the Department, and any authorized agent of <br /> the Department, to inspect all work, materials, payrolls, audit <br /> working papers, and other data and records pertaining to the <br /> Pro�ect; and to sudit the books, records, and accounts of the <br /> Grantee with regard to the Pro�ect. The Department may, at its <br /> sole discretion and at its own expense, perform a final audit of <br /> the Pro�ect. Such audit may be used for settlement of the grant <br /> and Project closeout. <br /> Grantee agrees to permit the Department to conduct scheduled or <br /> unscheduled inspections of Grantee's public transportation <br /> services. Such inspections shall be conducted at reasonable <br /> times, without unreasonable disruption or interference with any <br /> transportation service or other business activity of the Grantee <br /> or any Service Board. <br /> ITEM 9 - GRANTEE'S INDEPENDENT AUDIT <br /> Grantee shall select an independent Certified Public Accountant <br /> to perform an sudit pursuant to the requirements of Section <br /> 653.410 of the Rules. The standards for selection of the suditor <br /> � 5 <br />