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III. ACCOUNTING A. Accounts and Records. The Grantee agrees to establish and maintain accurate and complete separate accounts and records relating to the receipt and expenditure of any and all grant funds and cash and in-kind match items for the project as set forth in Exhibit A. The project accounts and records shall be retained by the Grantee during the grant period specified in Section V, paragraph A of this agreement, and for at least three (3) years following the expiration of the grant period. B. Audit. The project accounts and records of the Grantee shall be audited in the same manner as all other accounts and records of the Grantee are audited. The Grantee's project accounts and records may be audited and/or inspected on the Grantee's premises or otherwise by individuals or organizations designated and authorized by the MRAC at any time following reasonable notification during the grant period specified in Section V, paragraph A of this agreement, and for three (3) years following the expiration of the grant period. IV. REPORTS A. Interim Report. For a project whose completion date is more than six (6) months beyond the project starting date specified in Exhibit A, the Grantee may be asked to submit to the MRAC at the mid-point of the project a narrative summary of the progress of the project to date and a financial report indicating project expenditures to date, the match raised to date, and such other information which may be requested by the MRAC. Failure to comply may result in termination of the grant. B. Final Report. Within 2 months of completion of the project, the Grantee shall submit to the MRAC a narrative summary and financial report for the project as described in Exhibit A. The MRAC shall evaluate the narrative summary and financial report to determine whether the grant funds were used in accordance with the provisions of this agreement and the project as described in Exhibit A and that: 1. The major tasks to be funded by the grant were completed in a manner consistent with the project as described in Exhibit A; 2. The Grantee complied with the terms of this agreement. In addition, final report will include information about the process used for raising municipal matching funds, a description of programming and initiatives funded with the combined MRAC/municipal funds, information about community participation in all phases of the project(s), and lessons learned. It is anticipated that grantees will be asked to participate in a 1/2 day retreat and sharing opportunity with MRAC staff and the other pilot project directors. The grantee is ineligible to apply for further funding from MRAC in any grant program if the final report for the project becomes overdue. C. MRAC'S Authorized Agent. For purposes of administration of the reporting and compliance provisions of the agreement, the MRAC's authorized agent is Carolyn Bye, Executive Director. V. GENERAL CONDITIONS A. Grant Period. The grant period shall commence on the effective date of the agreement and shall be in force and effect until the project end date as defined in Exhibit A. After the expiration of the grant period, all allocated grant funds which have not been expended or for which expenditures have not been committed by an executed contract or purchase order shall be returned to the MRAC. B. Termination. This grant agreement may be terminated by the MRAC at any time upon thirty (30) days written notice to the Grantee if the Grantee fails to comply with one or more conditions of this agreement. C. Amendments. The terms of this agreement including the project end date may be changed or modified only by mutual agreement of the parties. Such amendments, changes, or modifications shall be effective only on the execution of written amendment(s) agreed to and signed by the MRAC and the Grantee. page 2 of 3