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conformity with the Single Audit Act (31 USC 7501 et sea) , and <br /> shall include a statement, if applicable, that any allocation of <br /> revenues and expenses to the program of approved expenditures <br /> funded under this Agreement is in accordance with a cost <br /> allocation plan approved by the Department. Grantee's audit must <br /> include a separate Schedule of Revenues and Expenses for the <br /> grant made under this Agreement, which clearly identifies total <br /> expenditures, revenues, eligible expenses and any operating <br /> deficit; and includes a final reconciliation statement of <br /> overpayments payable to or underpayments due from the State. <br /> Grantee's independent sudit shall be submitted to the Department <br /> no later than 180 days following the last day of the fiscal year. <br /> ITEM 10 - PROJECT CLOSEOUT <br /> Grantee agrees to implement any sudit findings contained in the <br /> Department's final audit, the Grantee's independent audit, or as <br /> a result of any duly authorized inspection or review. Upon the <br /> Department's acceptance of final audit results, the Department <br /> may arrange for a final reconciliation payment to or from <br /> Grantee, as necessary. The Department shall consider the Pro,ject <br /> closed when the reconciliation payment is made, either by the <br /> Department or by Grantee. The Department shall send notification <br /> to Grantee that the grant is closed. Payment issues, audit <br /> issues or any other matters pertaining to the grant may not be <br /> subsequently raised and are forever settled upon Pro�ect <br /> closeout. Closeout shall be sub�ect to any continuing <br /> obligations imposed on the Grantee by this Agreement or contained <br /> in the final notification from the Department. <br /> ITEM 11 - PROHIBITED INTERESTS <br /> Grantee and it� contractors shall not enter into any contract, <br /> subcontract or arrangement in connection with the Project, or any <br /> property included or planned to be included in the Project, in <br /> which any member, officer, or employee of Grantee, or the <br /> � locality in which Grantee operates, during his or her tenure in <br /> office, or for one year thereafter, has any interest, direct or <br /> indirect. If any such present or former member, officer or <br /> employee involuntarily acQuires or had acquired prior to the <br /> beginning of his tenure any such interest, and if such interest <br /> is immediately disclosed to Grantee and such disclosure is <br /> entered upon the minutes of the Grantee, the Grantee may, with <br /> the prior approval of the Department, waive the prohibition <br /> herein; provided however, that any such member, officer or <br /> employee shall not participate in any action by Grantee or the <br /> locality relating to such contract, subcontract or arrangement. <br /> �Grantee s3iall insert in all contracts related to the Pro�ect or ', <br /> to propert� included or glanned ta be included in the Project, �, <br /> and shall require its contractors to insert in each of their I <br /> subcontracts, the following provision: � <br /> 7 <br />