Common use of REPORTING AND AUDIT REQUIREMENTS Clause in Contracts

REPORTING AND AUDIT REQUIREMENTS. 7.1 The Agency shall be subject to and shall comply with all applicable requirements of LACMTA, the FTA, and the USDOL regarding Project reporting and audit requirements. The Agency shall use the assigned Federal Grant number (CA-XX-XXXX) and MOU number ( MOU. JARC ) on all correspondence. 7.2 The Agency shall submit the following Reports and Certifications to LACMTA for the duration of the Project: (a) Quarterly Narrative and Financial Report on Project Progress . (b) Annual FTA Compliance Self -Certification . (c) Maintenance records for all vehicles funded with the Federal Funds. (d) Other reports that may be required . 7.3 LACMTA and the FTA and/or their respective designees, in order to fulfill their respective responsibilities as the grantee/ designated recipient and grantor of the Federal Grant, shall have the right to conduct audits of the Project, as needed, such as financial and compliance audits and performance audits . The Agency shall establish and maintain proper accounting procedures and cash management records and documents in accordance with Generally Accepted Accounting Principles (GAAP) as applied to governmental agencies. The Agency shall reimburse LACMTA for any expenditure not in compliance with the SOW or other terms and conditions of this Agreement, other applicable requirements of LACMTA or requirements of the Federal Grant, or other applicable requirements of the FTA. LACMTA shall use FAR standards in determining the reasonableness of costs incurred. LACMTA shall have the right to conduct an audit using an outside auditing firm. The findings of that LACMTA audit will be final. 7.4 The Agency shall retain all original records and documents related to the Project for a period of three years after final payment or in accordance with the Federal Grant, whichever time period is greater. 7.5 The Agency shall obtain the services of an independent auditor to conduct a single audit of the Project each year in conformance with the provisions of OMB Circular A -133. The Agency shall submit a copy of each single audit to the LACMTA within 30 days of its completion.

REPORTING AND AUDIT REQUIREMENTS. 7.1 The Agency shall be subject to and shall comply with all applicable requirements of LACMTA, the FTA, and the USDOL regarding Project reporting and audit requirements. The Agency shall use the assigned Federal Grant number (CA-XXCA-57-XXXX) and MOU number ( MOU. JARC (XXX.XX ) on all correspondence. 7.2 The Agency shall submit the following Reports and Certifications to LACMTA for the duration of the Project: (a) Quarterly Narrative and Financial Report on Project Progress Progress. (b) Annual FTA Compliance Self -Certification Self-Certification. (c) Maintenance records for all vehicles funded with the Federal Funds. (d) Other reports that may be required required. 7.3 LACMTA and the FTA and/or their respective designees, in order to fulfill their respective responsibilities as the grantee/ grantee/designated recipient and grantor of the Federal Grant, shall have the right to conduct audits of the Project, as needed, such as financial and compliance audits and performance audits audits. The Agency shall establish and maintain proper accounting procedures and cash management records and documents in accordance with Generally Accepted Accounting Principles (GAAP) as applied to governmental agencies. The Agency shall reimburse LACMTA for any expenditure not in compliance with the SOW or other terms and conditions of this Agreement, other applicable requirements of LACMTA or requirements of the Federal Grant, or other applicable requirements of the FTA. LACMTA shall use FAR standards in determining the reasonableness of costs incurred. LACMTA shall have the right to conduct an audit using an outside auditing firm. The findings of that LACMTA audit will be final. 7.4 The Agency shall retain all original records and documents related to the Project for a period of three years after final payment or in accordance with the Federal Grant, whichever time period is greater. 7.5 The Agency shall obtain the services of an independent auditor to conduct a single audit of the Project each year in conformance with the provisions of OMB Circular A -133A-133. The Agency shall submit a copy of each single audit to the LACMTA within 30 days of its completion.

REPORTING AND AUDIT REQUIREMENTS. 7.1 The Agency shall be subject to and shall comply with all applicable requirements of LACMTA, the FTA, and the USDOL regarding Project reporting and audit requirements. The Agency shall use the assigned Federal Grant number (CACA-57-XX-XXXXXxxx) and MOU number ( MOU. JARC (XXX.XX ) on all correspondence. 7.2 The Agency shall submit the following Reports and Certifications to LACMTA for the duration of the Project: (a) Quarterly Narrative and Financial Report on o n Project Progress Progress. (b) Annual FTA Compliance Self -Certification . (c) Maintenance records for all vehicles funded with the Federal Funds. (d) Other reports that may be required . 7.3 LACMTA and the FTA and/or their respective designees, in order to fulfill their respective responsibilities as the grantee/ designated recipient and grantor of the Federal Grant, shall have the right to conduct audits of the Project, as needed, such as financial and compliance audits and performance audits . The Agency shall establish and maintain proper accounting procedures and cash management records and documents in accordance with Generally Accepted Accounting Principles (GAAP) as applied to governmental agencies. The Agency shall sh all reimburse LACMTA for any expenditure not in compliance with the SOW or other terms and conditions of this Agreement, other applicable requirements of LACMTA or requirements of the Federal Grant, or other applicable requirements of the FTA. LACMTA shall use FAR standards in determining the reasonableness of costs incurred. LACMTA shall have the right to conduct an audit using an outside auditing firm. The findings of that LACMTA audit will be final. 7.4 The Agency shall retain all original records and documents related to the Project for a period of three years after final payment or in accordance with the Federal Grant, whichever time period is greater. 7.5 The Agency shall obtain the services of an independent auditor to conduct a single audit of the Project each year in conformance with the provisions of OMB Circular A -133A-133. The Agency shall submit a copy of each single audit to the LACMTA within 30 days of its completion.

REPORTING AND AUDIT REQUIREMENTS. 7.1 The Agency shall be subject to and shall comply with all applicable requirements of LACMTA, the FTA, and the USDOL regarding Project reporting and audit requirements. The Agency shall use the assigned Federal Grant number (CACA-37-XX-XXXXX171) and MOU number ( MOU. JARC (MOU.JARC ) on all correspondence. 7.2 The Agency shall submit the following Reports and Certifications to LACMTA for the duration of the Project: (a) Quarterly Narrative and Financial Report on Project Progress Progress. (b) Annual FTA Compliance Self -Certification Self-Certification. (c) Maintenance records for all vehicles funded with the Federal Funds. (d) Other reports that may be required required. 7.3 LACMTA and the FTA and/or their respective designees, in order to fulfill their respective responsibilities as the grantee/ grantee/designated recipient and grantor of the Federal Grant, shall have the right to conduct audits of the Project, as needed, such as financial and compliance audits and performance audits audits. The Agency shall establish and maintain proper accounting procedures and cash management records and documents in accordance with Generally Accepted Accounting Principles (GAAP) as applied to governmental agencies. The Agency shall reimburse LACMTA for any expenditure not in compliance with the SOW or other terms and conditions of this Agreement, other applicable requirements of LACMTA or requirements of the Federal Grant, or other applicable requirements of the FTA. LACMTA shall use FAR standards in determining the reasonableness of costs incurred. LACMTA shall have the right to conduct an audit using an outside auditing firm. The findings of that LACMTA audit will be final. 7.4 The Agency shall retain all original records and documents related to the Project for a period of three years after final payment or in accordance with the Federal Grant, whichever time period is greater. 7.5 The Agency shall obtain the services of an independent auditor to conduct a single audit of the Project each year in conformance with the provisions of OMB Circular A -133A-133. The Agency shall submit a copy of each single audit to the LACMTA within 30 days of its completion.