Section 2.13 - Completing the Project - Module 8(1)Final Payment Holdback. The Authority shall implement procedures to withhold payments that exceed 95% of the estimated grant for an Approved Project until the Eligible Applicant has met the final closeout requirements established by the Authority. Final closeout requirements include submission by the Eligible Applicant of all required project-related and audit-related materials to the Authority, completion of the final audit by the Authority, review and acceptance of the final audit by the Eligible Applicant, and approval of the final audit by the Board of Directors of the Authority.(2)Project Closeout and Final Payment. The Eligible Applicant shall follow the closeout audit procedures set forth in 963 CMR 2.13 and 2.17, and shall provide required closeout documentation and complete required closeout activities in accordance with the timelines established by the Authority. (a)Final Request for Payment Reimbursement. Once the Eligible Applicant has paid 100% of all project costs, the Eligible Applicant shall submit a Final Request for Payment Reimbursement to the Authority through the Authority's online pro-pay system.(b)Closeout Audit Forms and Activities. An Eligible Applicant shall complete the close out activities and provide the close out documentation to the Authority before the Authority commences the Final Closeout Audit process. The Eligible Applicant shall, in collaboration with the Owner's Project Manager, maintain all original closeout documentation and shall provide such documentation to the Authority as a complete submittal with the hard copy of the final reimbursement request.
All closeout submissions must be received and activities completed to the satisfaction of the Authority, and in accordance with the timelines established by the Authority. The Authority may require additional materials and information related to the reconciliation of project costs.
(3)Final Audit Report. Once the Eligible Applicant has submitted its Final Request for Payment Reimbursement and the required Final Audit Closeout Documentation, and has completed the closeout activities that are required by the Authority, subject to the satisfaction of the Authority, the Authority shall perform the final audit. The MSBA shall prepare the Final Audit Report as set forth in 963 CMR 2.17(3) and provide it to the Eligible Applicant. The procedures for the review and acceptance of the final audit report by the Eligible Applicant are established in 963 CMR 2.17(3).
(4)Final Audit Vote and Final Payment. Upon completion of the final audit requirements set forth in 963 CMR 2.13 and 2.17, and subject to the satisfaction of the Authority, the Authority's Board of Directors shall vote to consider the final audited approved grant amount for the project. After the Board of Directors of the Authority approves the final grant amount for an Approved Project, the results will be considered final, and the Authority shall make a final payment, if any, to the Eligible Applicant. In rare cases, the final grant amount approved might also result in a payment from the Eligible Applicant to the Authority.Amended by Mass Register Issue 1521, eff. 5/10/2024.