Common use of Documentation of Costs Clause in Contracts

Documentation of Costs. The Agency shall document all costs in connection with the services provided under any Project Services Agreement with properly executed payrolls, time records, invoices, vouchers, records of service delivery, or other official documentation evidencing in proper detail the nature and reasonableness of such costs and any associated requests for reimbursement by the City. All payments by the Agency relating to the services provided under the Project Services Agreement shall be sequentially recorded in the Agency’s accounting records by date, check or instrument number; amount; vendor description of the items or services procured; and budget item related to the disbursement. All payroll and financial records pertaining in whole or in part to any Project Services Agreement shall be clearly identified and readily accessible for review by the City. Such records and documents shall be retained for a period of six (6) years after receipt of final payment under the Project Services Agreement; provided, that for any records and documents that are the subject of audit findings, those records shall be maintained for either six years following final payment or until the audit findings are resolved, whichever is longer.