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ARTICLE IV ALLOWABLE COSTS AND AUDIT REQUIREMENTS <br />4.01 Allowable Costs. <br />System Agency will reimburse the allowable costs incurred in performing the Project that are <br />sufficiently documented. Grantee must have incurred a cost prior to claiming reimbursement and <br />within the applicable term to be eligible for reimbursement under this Contract. The System <br />Agency will determine whether costs submitted by Grantee are allowable and eligible for <br />reimbursement. If the System Agency has paid funds to Grantee for unallowable or ineligible <br />costs, the System Agency will notify Grantee in writing, and Grantee shall return the funds to the <br />System Agency within thirty (30) calendar days of the date of this written notice. The System <br />Agency may withhold all or part of any payments to Grantee to offset reimbursement for any <br />unallowable or ineligible expenditure that Grantee has not refunded to the System Agency, or if <br />financial status report(s) required under the Financial Status Reports section are not submitted by <br />the due date(s). The System Agency may take repayment (recoup) from funds available under <br />this Contract in amounts necessary to fulfill Grantee's repayment obligations. Applicable cost <br />principles, audit requirements, and administrative requirements include - <br />Applicable Entity <br />Applicable Cost <br />Audit <br />Administrative <br />Principles <br />Requirements <br />Requirements <br />State, Local and <br />2 CFR, Part 225 <br />2 CFR <br />Part <br />200, <br />2 CFR Part 200 <br />and <br />Tribal Governments <br />Subpart <br />F <br />and <br />UGMS <br />UGMS <br />Educational <br />2 CFR, Part 220 <br />2 CFR <br />Part <br />200, <br />2 CFR Part 200 <br />and <br />Institutions <br />Subpart <br />F <br />and <br />UGMS <br />UGMS <br />Non -Profit <br />2 CFR, Part 230 <br />2 CFR <br />Part <br />200, <br />2 CFR Part 200 <br />and <br />Organizations <br />Subpart <br />F <br />and <br />UGMS <br />UGMS <br />For-profit <br />48 CFR Part 31, <br />2 CFR <br />Part <br />200, <br />2 CFR Part 200 <br />and <br />Organization other <br />Contract Cost <br />Subpart <br />F <br />and <br />UGMS <br />than a hospital and an <br />Principles <br />UGMS <br />organization named in <br />Procedures, or <br />OMB Circular A-122 <br />uniform cost <br />(2 CFR Part, 230) as <br />accounting <br />not subject to that <br />standards that <br />circular. <br />comply with cost <br />principles <br />acceptable to the <br />federal or state <br />awarding agency <br />System Agency Contract No. 2017-049738-001 <br />Page 9 of 19 <br />V. 11.30.15 <br />