Okla. Admin. Code § 650:13-1-11

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

Section 650:13-1-11 - 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 funds to be matched by OCAST are in the position of the applicant organization and not encumbered in any other project or for any other purpose. The period allowed for verification of receipt of matching funds shall be recommended by OCAST and approved by the OSTRaD Board and announced in the FOA.

(c)Fiscal agent. The Contractor shall be designated as the fiscal agent.

(d)Contractor obligations.

(1)Records and accounts. The Contractor shall maintain records and accounts that properly document and account for the source and application of all project funds. All such records and accounts shall be made available on demand to OCAST for inspection and use in carrying out its responsibilities for administration of the funds.

(2)Access and examination. The Contractor 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 shall comply with the audit policy of OCAST. The Contractor shall provide OCAST timely reports on any audits that include funds received from OCAST in a format mutually agreed to by both parties. In the event an audit results in the determination that the Contractor has expended contract funds on unallowable costs, the Contractor shall reimburse OCAST in full for all such costs.

Okla. Admin. Code § 650:13-1-11

Adopted by Oklahoma Register, Volume 40, Issue 24, September 1, 2023, eff. 9/11/2023