Common use of RECORDS RETENTION AND AUDITS Clause in Contracts

RECORDS RETENTION AND AUDITS. A. RECIPIENT, and its third-party contractors at any tier, shall establish and maintain an accounting system and records that properly accumulate and segregate incurred Project costs and matching funds by line item for the Project. The accounting system of RECIPIENT and its third-party contractors at any tier, shall conform to Generally Accepted Accounting Principles (GAAP), enable the determination of incurred costs at interim points of completion, and provide support for reimbursement payment vouchers or invoices. All accounting records and other supporting papers of RECIPIENT, and its third-party contractors at any tier, connected with Project performance under this AGREEMENT shall be maintained for a minimum of three years from the date of the SANDAG final payment to RECIPIENT and shall be held open to inspection, copying, and audit by representatives of SANDAG. Copies thereof will be furnished by RECIPIENT, and its third-party contractors at any tier, upon receipt of any request made by SANDAG or its agents.

RECORDS RETENTION AND AUDITS. A. RECIPIENT, SUBRECIPIENT and its third-party contractors at any tier, tier shall establish and maintain an accounting system and records that properly accumulate and segregate incurred Project costs and matching funds by line item for the Project. The accounting system of RECIPIENT SUBRECIPIENT, and its third-party contractors at any tier, tier shall conform to Generally Accepted Accounting Principles (GAAP), enable the determination of incurred costs at interim points of completion, and provide support for reimbursement payment vouchers or invoices. All accounting records and other supporting papers of RECIPIENT, SUBRECIPIENT and its third-party contractors at any tier, tier connected with Project performance under this AGREEMENT shall be maintained for a minimum of three years from the date of the SANDAG final payment to RECIPIENT SUBRECIPIENT and shall be held open to inspection, copying, and audit by representatives of SANDAGSANDAG and auditors representing the federal government. Copies thereof will be furnished by RECIPIENT, SUBRECIPIENT and its third-party contractors at any tier, tier upon receipt of any request made by SANDAG or its agents.