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equipment usage, meetings, progress reports, and monthly performance reports. The Contractor shall collect and submit to the Department such financial statements, data, records, contracts, and other documents related to the Project as may be deemed necessary by the Department. Such reports shall include narrative and financial statements of sufficient substance to be In conformance with the reporting requirements of the Department. Progress reports throughout the useful life of the project equipment shall be used, in part, to document utilization of the project equipment. Failure to fully utilize the project. equipment in the manner directed by the Department shall constitute a breach of contract, and after written notification by the Department, may result in termination of the Agreement or any such remedy as the Department deems appropriate. (1) PROGRAM MEASURES Contractors will submit reports to the Department that capture the overall program measures established by FTA that include gaps in service and ridership as defined below: (a). Number of Jobs Actual or estimated number of jobs that can be accessed as a result of geographic or temporal coverage of JARC projects, and one-way trips) (b) . . Ridership Actual or estimated number of rides (as measured by Section 11. Record Retention & Access to Records a. Record Retention The Contractor and its third party contractors shall retain all records pertaining to this Project for a period of five (5) years from the date of final payment to the Contractor, or until all audit exceptions have been resolved, whichever is longer. b. Access to Records of Contractor and Subcontractors. The Contractor shall permit and shall require its third party contractors to permit the Department, the North Carolina State Auditor, the Comptroller General of the United States, and the Secretary of the United States Department of Transportation, or their authorized representatives, to inspect all work, materials, payrolls, and other data and records with regard to the Project, and to audit the books, records, and accounts of the Contractor pertaining to the Project in accordance with the Title 19A N.C.A.0 Subchapter 5B and N.C.G.S. 147 -64.7. The Department shall reserve the right to reject any and all materials and workmanship for defects and incompatibility with Project Description or excessive cost. The Department shall notify the Contractor, in writing, if materials and /or workmanship are found to be unacceptable. The Contractor shall have ninety (90) days from notification to correct defects or to provide acceptable materials and /or workmanship. Failure by the Contractor to provide acceptable materials and /or workmanship, or to correct noted defects, shall constitute a breach of contract. C. Proiect Closeout The Contractor agrees that Project closeout does not after the reporting and record retention requirements of this Section of this Agreement. Section 12. Proiect Completion, Audit Settlement and Closeout a. Proiect Completion Within ninety (90) calendar days following Project completion, the end of the Project's period of performance, or termination by the Department, the Contractor agrees to submit a final reimbursement request to the Department for eligible Project expenses. b. Financial Reporting and Audit Requirements In accordance with OMB Circular A- 133, "Audits of State, Local Governments and Non - Profit Organizations," revised on June 27, 2003 and June 26, 2007 (www.whitehouse.ciov /omb /circulars N.C.G.S. 159 -34, the Contractor shall arrange for an independent financial and compliance audit of its fiscal operations. The Contractor shall furnish NCDOT with a copy of the audit report, in addition to any copies submitted to the Local Government Commission. Updated 3/01/11 Page 12 of 41 Attachment number 2 F -8 Page 146