Okla. Admin. Code § 650:40-1-5

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

Section 650:40-1-5 - Contract provisions

(a)Professional service contract. The mechanism for funding the approved proposal for funding of a unique individual project shall be a professional services contract between OCAST and the applicant individual or entity.

(b)Contractor obligations.

(1)Records and accounts. The contractor shall maintain records and books of accounts that properly document and account for the source(s) and application(s) of all funds expended on the project. Such records and accounts shall be made available upon demand by OCAST to authorized representatives of The Center or other authorized state officials.

(2)Audits. The contractor shall comply with OCAST audit policies relating to such contracts or projects. The contractor may be required to submit copies of financial reports resulting from audits of funds expended under the contract. In the event an audit by OCAST or by the contractor results in the final determination that the contractor has improperly expended or accounted for funds paid under the contract, the contractor shall reimburse OCAST or the State of Oklahoma for the total amount of all disallowed costs.

(c)Expenditure of funds. Funding of such projects shall be subject to the availability of resources to OCAST. The expenditure of funds will be on a reimbursement basis and tied to the budget in the contract. Any line item variations from the budgeted expenditures in excess of $500.00 or ten percent (10%), whichever is greater, shall be agreed upon in writing between The Center and the contractor. The contract shall require that proper invoices be submitted to OCAST by the contractor before any payments are made.

Okla. Admin. Code § 650:40-1-5