REPORTING AND AUDIT REQUIREMENTS/PAYMENT ADJUSTMENTS. 6.1 GRANTEE shall submit the draft of Quarterly Progress/Expenditure Report (Attachment D-2) within sixty (60) days after the close of each quarter on the last day of the months November, February, May and August to the LACMTA Project Manager for review and pre-approval of the applicable report. LACMTA Project Manager shall review and respond in writing to the draft Quarterly Progress/Expenditure Reports within thirty (30) calendar days from receipt. Grantee shall submit the LACMTA pre-approved Quarterly Progress/Expenditure Report no later than five (5) days after receipt of LACMTA’s written approval. Should GRANTEE fail to submit either the draft or pre-approved reports within five (5) days of the due date and/or submit incomplete reports, LACMTA will not reimburse GRANTEE until the completed required reports are received, reviewed, and approved. The Quarterly Progress/Expenditure Reports shall include all appropriate documentation (such as contractor invoices, timesheets, receipts, etc.), and any changes to interim milestone dates that do not impact the final milestone date. All supporting documents must include a clear justification and explanation of their relevance to the Project. If no activity has occurred during a particular quarter, GRANTEE will still be required to submit the Quarterly Progress/Expenditure Reports indicating no dollars were expended that quarter. If a request for reimbursement exceeds $500,000 in a single month, then GRANTEE can submit such an invoice once per month with supporting documentation. Expenses that are not invoiced to LACMTA Accounts Payable within ninety (90) days after the lapsing date specified in Part II, Section 9.1 below are not eligible for reimbursement.
REPORTING AND AUDIT REQUIREMENTS/PAYMENT ADJUSTMENTS. 5.1*1 LACMTA and/or its designee shall have the right to conduct audits of the Project, as it deem appropriate, such as financial and compliance audits; interim audits; pre-award audits; performance audits; and final audits. LACMTA will commence a final audit within six months of receipt of an acceptable final invoice, provided the Project is ready for final audit (meaning all costs and charges have been paid by Grantee and invoiced to LACMTA and such costs, charges, and invoices are properly documented and summarized in the accounting records to enable an audit without further explanation or summarization, including actual indirect rates for the period covered by the Agreement period under review). Grantee agrees to establish and maintain proper accounting procedures and cash management records and documents in accordance with Generally Accepted Accounting Principles (GAAP). Grantee shall reimburse LACMTA for any expenditure not in compliance with this Agreement and the Guidelines. Grantee’s eligible expenditures submitted to LACMTA for this Project shall be in compliance with the Reporting and Expense Guidelines (Attachment C) and Office of Management and Budget (“OMB”) Circular A-87. The allowability of costs for Grantee’s contractors, consultants and suppliers submitted to LACMTA through Recipient’s Quarterly Progress Reports/Expense Report (Attachment D) shall be in compliance with OMB Circular A-87 or Federal Acquisition Regulations, Subpart 31 (FAR), whichever is applicable. Any use of the Funds which is expressly prohibited under this Agreement shall be an ineligible use of the Funds and may be disallowed by LACMTA audit. Findings of the LACMTA audit are final. When LACMTA audit findings require Grantee to return monies to LACMTA, Grantee shall return such monies within thirty (30) days after the final audit is sent to Grantee.
REPORTING AND AUDIT REQUIREMENTS/PAYMENT ADJUSTMENTS. 6.1 Grantee shall submit the Quarterly Progress/Expenditure Report (Attachment D1) within 60 days after the close of each quarter on the last day of the months November, February, May and August. Should Grantee fail to submit such reports within 10 days of the due date and/or submit incomplete reports, LACMTA will not reimburse Grantee until the completed required reports are received, reviewed, approved. The Quarterly Progress/Expenditure Report shall include all appropriate documentation (such as contractor invoices, timesheets, receipts, etc.). All supporting documents must include a clear justification and explanation of their relevance to the Project. If no activity has occurred during a particular quarter, Grantee is still be required to submit the Quarterly Progress/Expenditure Report indicating no dollars were expended that quarter. If a request for reimbursement exceeds $500,000 in a single month, then Grantee can submit such an invoice once per month with supporting documentation.
REPORTING AND AUDIT REQUIREMENTS/PAYMENT ADJUSTMENTS. 6.1 Grantee shall submit the Monthly Progress Report (Attachment D1) within seven (7) days from the last day of each month and submit the Quarterly Expenditure Report (Attachment D2) within sixty (60) days after the close of each quarter on the last day of the months November, February, May and August. Should Grantee fail to submit such reports within 10 days of the due date and/or submit incomplete reports, LACMTA will not reimburse Grantee until the completed required reports are received, reviewed, and approved. The Monthly Progress and the Quarterly Expenditure Report shall include all appropriate documentation (such as contractor invoices, timesheets, receipts, etc.), and any changes to interim milestone dates that do not impact the final milestone date. All supporting documents must include a clear justification and explanation of their relevance to the Project. If no activity has occurred during a particular quarter, Grantee will still be required to submit the Monthly Progress and Quarterly Expenditure Report indicating no dollars were expended that quarter. If a request for reimbursement exceeds $500,000 in a single month, then Grantee can submit such an invoice once per month with supporting documentation.
REPORTING AND AUDIT REQUIREMENTS/PAYMENT ADJUSTMENTS. 5.1 Grantee shall submit the Quarterly Progress/Expenditure Report (Attachment D1) within 60 days after the close of each quarter on the last day of the months November, February, May and August to COP who will forward to LACMTA. Should Grantee fail to submit such reports within 10 days of the due date and/or submit incomplete reports, payment will be delayed. The Quarterly Progress/Expenditure Report shall include all appropriate documentation (such as contractor invoices, timesheets, receipts, etc.). All supporting documents must include a clear justification and explanation of their relevance to the COL Project. If no activity has occurred during a particular quarter, Grantee will still be required to submit the Quarterly Progress/Expenditure Report indicating no dollars were expended that quarter. If a request for reimbursement exceeds $500,000 in a single month, then Grantee can submit such an invoice once per month with supporting documentation.
REPORTING AND AUDIT REQUIREMENTS/PAYMENT ADJUSTMENTS. 5.1 STATE shall submit Quarterly Expense & Progress Reports, using the format shown in Attachment D1, within fifteen (15) days following the last day of the months of October, January, April, and July. Should STATE fail to submit such reports within ten (10) days of the due date and/or submit incomplete reports (see Attachment D); LACMTA will not reimburse STATE until the completed required reports are received, reviewed, approved, and reconciled to the Project Funding. The Quarterly Expense & Progress Report shall include all appropriate documentation (such as contractor progress vouchers and last quarter’s expenditure and labor reports, etc.) and the status of Project federal and state funds obligations and expenditures. All supporting documents must include a clear justification and explanation of their relevance to the Project. If no activity has occurred during a particular quarter, STATE will still submit the Quarterly Expense & Progress Report documenting the reason for no activity. These Reports shall be sent to the LACMTA Project Manager at the address shown in Part I, Section 8, and said Reports will be reviewed and acted upon within thirty (30) days of that receipt; provided, however, if LACMTA fails to act upon any report, nothing shall preclude LACMTA from requesting any future corrective action.
