8880-16 Appropriate funds to resurface Lakewood Heights Blvd.

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For any labor costs to be eligible for reimbursement with Federal and State funds, the LPA shall meet all timekeeping requirements outlined in 2 CFR Part 200 and the ODOT LPA Cost Recovery Guidance, including ODOT Questions and Answers' and related supplementary guidance, as applicable. Additionally, if the LPA elects to recoverfringe and /or indirect costs, the LPA shall follow 2 CFR Part 200 and the LATP Manual of Procedures. 15.2 Financial Reporting and Audit Requirements: The LPA shall comply with the financial reporting and audit requirements of 2 CFR Part 200. The LPA must submit performance reports at the interval required by the Federal awarding agency and pass- through entity. Annual reports must be due 90 calendar days after the reporting period; quarterly and semi - annual reports must be due 30 calendar days after the reporting period. Alternatively, ODOT may require annual reports before the anniversary dates of multiple year Federal awards.6 LPAs that expend $750,000 or more in the LPA's fiscal year in Federal awards must have a Single Audit, or program- specific audit, conducted for that year in accordance with 2 CFR §200.501. Federal and State funds expended to or on behalf of a subrecipient must be recorded by the subrecipient (LPA). The LPA is responsible for tracking these payments throughout the life of the project in order to ensure an accurate Schedule of Expenditures of Federal Award (hereinafter referred to as Schedule) is provided for 20.205 funding. The LPA must identify each ODOT PID and /or Project and the corresponding expenditures on its Schedule separately. LPAS are responsible for ensuring funds related to this PROJECT are reported when the activity related to the Federal award occurs.7 The LPA is required to report its own expenditures, in addition to any expenditures made by ODOT for the project in the applicable Schedule when the expenditure was made. When a Schedule is not accurately reported for the project, the LPA will be required to make corrections to past, current, and possibly future Schedules and Audit Reports to ensure Federal funds are accurately reported in the correct fiscal year matching the project expenditure. The LPA is required to report all Federal funds received, or expended on its behalf, regardless to differences in the LPA expenditure date and ODOT reimbursement date. 15.3 Record Retentlon: The LPA, when requested at reasonable times and in a reasonable manner, shall make available to the agents, officers, and auditors of ODOT and the United States government, its records and financial statements as necessary relating to the LPA's obligations under this Agreement. All such books, documents, and records shall be kept for a period of at least three years after FHWA approves the LPA's final Federal voucher for reimbursement of PROJECT expenses. In the event that an audit - related dispute should arise during this retention period, any such books, documents, and records that are related to the disputed matter shall be preserved for the term of that dispute. The LPA shall require that all contracts and other agreements it enters into for the performance of the PROJECT contain the following specific language: As the LPA, ODOT or the United States government may legitimately request from time to time, the contractor agrees to make available for inspection and /or reproduction by the LPA, ODOT or United States government, all records, books, and documents of every kind and description that relate to this contract. 5 Question and Answer guidance can be found at the following web address: 6 See 2 CFR §200.328. Per 2 CFR §200.502 14