Agenda - Council - 03/22/1988 - Laserfiche WebLink

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G. RE:rENl'ICN AND aJSTQDIAL ~~ FOR RfXX)IUl; 1. Financial records, supporting doc\.llOOnts, statistical records, and all other records pertinent to this grant shall be retained for a period of three years, conmencing with the date of sutmission of the final expenditure report, with the following qualifications: a. The records shall be retained beyond the three-year period when audit findings have not been resolved. b. Fecords for nonexpendable property that was acquired with State grant funds shall be retained for three years after its final disposition. c. The comnissioner or Legislative Auditor or their duly-authorized representatives, shall have access to any books, docurrents, papers, and records of the State and local units and their subgrantees, which are pertinent to a specific project for the purpose of making audit, examination, excerpts, and transcripts. d. The local unit may use any generally-accepted account system that meets minimum requirenents set forth in the guidelines. H. STATE PAYMENT OF ELIGIBLE pRQ]EX::T ccsrs 1. Project costs eligible for assistance stlall be determined upon the basis of the criteria set forth in the LCMR guidelines. 4. Following completion of the audit, the State shall disburse to the local unit all or a portion of the approved State Grant AlooUnt. In no case, shall the local unit receive disbursement(s) in excesS of the State Grant Amount. 5. In the event that actual eligible expenditures, as determined by reports and audit, pursuant to H.2. and H.3. of this agreenent, are less than the Total Project Cost, the State will adjust the Approved State Grant Amount by applying the approved percentage of Total Project Cost to the amount of total eligible expendi tures. I. SPEX:IAL PROVISIOOS The- following special project terms and conditions were added to this agreenent before it was signed by the parties hereto: -5- 2+