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, k 1 <br /> in a manner consistent ���ith 49 C.F.R. § 18.20, or OMB Circular A-110, Revised, whichever is <br /> applicable. <br /> b. Funds Recei��ed or Made A��ailable for the Pro'Lect. Consistent ��•ith the provisions of <br /> 49 C.F.R. § 18.21, or OMB Circular A-110, Revised, whichever is applicable, the Recipient <br /> agrees to record in the Project Account, and deposit in a financial institution all Project <br /> payments recei�-ed by it from the Government pursuant to this Agreement and all other funds <br /> provided for, accruing to, or other��ise received on account of the Project (Project Funds). The <br /> Recipient is encouraged to use financial institutions o„med at least 50 percent by minority group <br /> members. <br /> c. Documentation of Project Costs and Program Income. All costs charged to the Project, <br /> including any approved ser��ices contributed by the Recipient or others, shall be supported by <br /> properl}� executed pay�rolls, time records, im�oices, contracts, or vouchers describing in detail the <br /> nature and propriety of the charges. The Recipient also agrees to maintain accurate records of <br /> all Program ]ncome deri��ed from Project implementation; this requirement, ho���ever, does not <br /> appl}� to income of the Recipient that is determined b}� the Go�-ernment to be private. <br /> d. Checks. Orders, and Vouchers. The Recipient agrees to refrain from dra��-ing checks or <br /> orders for �oods or ser��ices to be charged against the Project Account until it has on file in its <br /> office a properl}� signed �•oucher describing in proper detail the purpose of the expenditure. The <br /> Recipient agrees that all checks, payrolls, invoices, contracts, vouchers, orders, or other <br /> accounting documents pertaining in ���hole or in part to the Project shall be clearly identified, <br /> readil�� accessible, and, to the e�tent feasible, kept separate from documents not pertainin� to the <br /> Project. <br /> Section ]06. Record Retention. <br /> a. Submission of Proceedin�s Contracts, and Other pocuments. During the course of the <br /> Project and for three years thereafter, the Recipient agrees to retain intact and to pro��ide any <br /> data, documents, reports, records, contracts, and supporting materials relating to the Project as <br /> the Go��ernment may require. Reporting and record-keeping requirements for governmental <br /> recipients are set forth in 49 C.F.R. Part 18. Reporting and record-keeping requirements for <br /> pri��ate nonprofit and for-profit recipients, are set forth in OMB Circular A-110. Project <br /> closeout does not alter these requirements. <br /> b. Audit and Inspection. <br /> (1) General Audit Rec�uirements. A Recipient that is a State, local government or Indian <br /> tribal go��ernment agrees to comply «�ith the audit requirements of 49 C.F.R. � 18.26 and OMB <br /> Circular A-128, and any revision or supplement thereto. A Recipient that is an institution of <br /> hi�her education or nonprofit organization agrees to comply �ti�ith the audit requirements of <br /> Oi�1B Circular A-110, Revised, and OMB Circular A-133, and any revision or supplement <br /> thereto. A Recipient that is a pri��ate for-profit organization agrees to comply ���ith the audit <br /> requirements of OMB Circular A-133. T'he Go��ernment may ���aive the OMB Circular A-]28 <br /> Page 6 <br />