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Page 5 of 15 <br /> <br />established by the Department, separate accounts for the Project, to be known <br />as the Project Account, either independently or within its existing <br />accounting system. The Department shall have the right to inspect the <br />Project Account as necessary. <br /> <br /> (b) Documentation of Project Costs. All charges to the Project <br />Account shall be supported by properly executed invoices, contracts, or <br />vouchers evidencing in detail the nature and the propriety of the charges, <br />as referenced in 49 CFR Part ~8. <br /> <br /> (c} Allowable Costs. Expenditures made by the Contractor shall be <br />reimbursed as allowable costs to the extent they meet all of the <br />requirements set forth below. They must be: <br /> <br /> (1) based on work completed to the satisfaction of the Department <br /> within the time frame established by the approved Project, and <br /> further be made in conformance with the approved Annual Budget and <br /> all other provisions of this Agreement; <br /> (2) necessary in order to accomplish the Project; <br /> <br /> (3) actual net costs to the Contractor, defined as the price paid <br /> minus any refunds, rebates, or other items of value received by <br /> the Contractor which have the effect of reducing the cost actually <br /> incurred, including credit for fuel or sales taxes paid by local <br /> governments and private nonprofit organizations eligible to file <br /> <br /> for such tax refunds from the appropriate State or Federal office; <br /> <br /> (4) incurred and be for work performed within the periods of <br /> performance specified in this Agreement, unless specific <br /> authorization from the Department to the contrary is received; <br /> <br /> ($) in conformance with the standards for allowability of costs set <br /> <br /> forth in OMB Circular A-87, "Principles For Determining Costs <br /> <br /> <br />