Okla. Admin. Code § 650:11-1-12

Current through Vol. 42, No. 4, November 1, 2024

Section 650:11-1-12 - Contract provisions

(a)Professional service contract. The mechanism for funding approved applications shall be a professional service contract between OCAST and the applicant organization(s).

(b)Verification of matching funds. Professional service contracts shall be awarded contingent upon documentation that the matching funds and/or machinery or equipment to be matched by OCAST has been received by the applicant organization(s). The period of time allowed for verification of receipt of matching funds shall be recommended by the IPC, approved by the OSTRaD Board and announced in the Funding Opportunity Announcement.

(c)Fiscal agent. If more than one applicant organization participates in a contract, one organization shall be designated as the fiscal agent.

(d)Contractor obligations.

(1)Records and accounts. The contractor, or designated fiscal agent, shall maintain records and accounts that properly document and account for the source and application of all project funds, and all such records and accounts shall be made available on demand by OCAST for inspection and use in carrying out its responsibilities for administration of the funds.

(2)Access and examination. The contractor, or designated fiscal agent, shall as OCAST deems necessary, permit authorized representatives of OCAST and the State of Oklahoma full access, and the right to fully examine, all projects, records and accounts.

(3)Audits. The contractor, or designated fiscal agent, shall comply with the audit policy of OCAST The contractor, or designated fiscal agent, shall provide OCAST timely reports on any audits that include funds received from OCAST In the event an audit results in the determination that the contractor, or designated fiscal agent, has expended contract funds on unallowable costs, the contractor, or designated fiscal agent, shall reimburse OCAST in full for all such costs.

Okla. Admin. Code § 650:11-1-12

Adopted by Oklahoma Register, Volume 39, Issue 22, August 1, 2022, eff. 7/1/2022