Common use of REPORTING AND AUDIT REQUIREMENTS Clause in Contracts

REPORTING AND AUDIT REQUIREMENTS. 4.1 Project Sponsor shall be subject to and comply with all applicable requirements of the Agency regarding Project reporting and audit requirements. Project Sponsor shall use the Federal Transportation Improvement Program (“FTIP”) No., Expenditure Authorization (“EA”) No., and LACMTA Call for Projects Project ID# on all correspondence. 4.2 Since the Project is funded exclusively with Federal/State funds and contains no LACMTA local funding, LACMTA has no audit responsibilities on this Project. Project Sponsor shall comply with all Agency compliance, pre-award and performance audit requirements as deemed necessary to assure that funding expenditures conform to all applicable Project funding guidelines, laws and regulations. LACMTA, as the programming agency, shall have the right, at its sole discretion, to audit the Project for compliance with the terms of this LOA and to assure that funding expenditures conform to the terms of this LOA. LACMTA shall have the same audit rights as the Agency to audit the Project. 4.3 Project Sponsor shall submit the Quarterly Progress Report within 60 days after the close of each quarter on the last day of the months November, February, May and August. Annually with the 4th quarter Progress Report, Project Sponsor also shall submit photos of key components and milestones demonstrating Project progress or completion.

REPORTING AND AUDIT REQUIREMENTS. 4.1 Project Sponsor shall be subject to and comply with all applicable requirements of the Agency regarding Project reporting and audit requirements. Project Sponsor shall use the Federal Transportation Improvement Program (“FTIP”) No., Expenditure Authorization (“EA”) No., and LACMTA Call for Projects Project ID# on all correspondence. 4.2 Since the Project is funded exclusively with Federal/State Federal funds and contains no LACMTA local funding, LACMTA has no audit responsibilities on for this Project. Project Sponsor shall comply with all Agency compliance, pre-award and performance audit requirements as deemed necessary to assure that funding expenditures conform to all applicable Project funding guidelines, laws and regulations. LACMTA, as the programming agency, shall have the right, at its sole discretion, to audit the Project for compliance with the terms of this LOA and to assure that funding expenditures conform to the terms of this LOA. LACMTA shall have the same audit rights as the Agency to audit the Project. 4.3 Project Sponsor shall submit the Quarterly Progress Report within 60 days after the close of each quarter on the last day of the months November, February, May and August. Annually with the 4th quarter Progress Report, Project Sponsor also shall submit photos of key components and milestones demonstrating Project progress or completion.