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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 650. Oklahoma Center for the Advancement of Science and Technology |
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Chapter 45. Oklahoma Institute of Technology |
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Subchapter 5. Program Description |
SECTION 650:45-5-6. Contract provisions
Latest version.
- (a) Professional service contract. The mechanism for funding approved Applications shall be a professional service contract between OCAST/OIT and the Applicant organization.(b) Verification of matching funds. If required by the Solicitation, professional service contracts shall be awarded contingent upon documentation that the matching funds and/or machinery or equipment to be matched has been received by the Applicant organization.(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 OIT 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 OIT deems necessary, permit authorized representatives of OIT 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/OIT. The contractor, or designated fiscal agent, shall provide OIT timely reports on any audits that include funds received from OIT. 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 OIT in full for all such costs.