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§200 .345 Post-closeout adjustments and continuing responsibilities <br />(a) The closeout of a Federal award does not affect any of the following: <br />(1) The right of the Federal awarding agency or pass-through entity to disallow costs and <br />recover funds on the basis of a later audit or other review. The Federal awarding <br />agency or pass-through entity must make any cost disallowance determination and <br />notify the non-Federal entity within the record retention period. <br />(2) The obligation of the non-Federal entity to return any funds due as a result of later <br />refunds, corrections, final indirect cost rate adjustments (unless the Federal award in <br />closed in accordance with § 200.344(h)), or other transactions. <br />§200.346 Collection of amounts due <br />Any funds paid to the non-Federal entity in excess of the amount to which the non-Federal <br />entity is finally determined to be entitled under the terms of the Federal award constitute a <br />debt to the Federal Government. The Federal agency must collect all debts arising out of its <br />Federal awards in accordance with the Standards for the Administrative Collection of Claims <br />(3 I CFR part 90 I). <br />2. By signing this agreement, the organization acknowledges the accmacy of its contents (e.g. <br />fiscal periods, rates, allocation base, enclosed Statement of Allocated Costs by Grant ID for <br />cost allocation plans, etc.). <br />3. Fringe benefits include the following: FICA, state unemployment insurance, worker's <br />compensation, and medical insurance. <br />4. Equipment is defined as tangible personal property (including information technology <br />systems) having a useful life of more than one year and a per-unit acquisition. The <br />capitalization threshold for equipment is $1,000. <br />*** INTENTIONALLY LEFT BLANK*** <br />5 of6 <br />EXHIBIT 2 <br />  <br />  <br />City Council 10 – 234 7/1/2025