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Fom'mc ow Rev. SM100 of this Agreement and is approved by the Commission and the Florida Department of Transportation Comptroller. 6.20 Schedule of Disbursements: The Agency shall abide by the Commission approved disbursements schedule, contained in Exhibit "B". This schedule shall show estimated disbursement of Commission funds for the entire term of the Project by month or quarter of the fiscal year in accordance with Commission fiscal policy. The schedule may be divided by Project phase where such division is determined to be appropriate by the Commission. Any significant deviation from the approved schedule in Exhibit "B" requires advance submission of a supplemental schedule by the agency and advance approval by the Commission. Reimbursement for the Commission's share of the project shall not be made for an amount greater than the cumulative total up to any given month as indicated in the disbursement schedule in Exhibit "B". 7.00 Accounting Records: 7.10 Establishment and Maintenance of Accounting Records: The Agency shall establish for the Project, in conformity with the latest current uniform requirements established by the Commission to -facilitate the administration of the financing program, either separate accounts to be maintained within its existing accounting system, or establish independent accounts. Such accounts are referred to herein collectively as the "Project Account". The Project Account shall be made available upon request by the Commission any time during the period of the Agreement and for three years after final payment is made or if any audit has been initiated and audit findings have not been resolved at the end of three years, the records shall be retained until resolution of the audit findings. 7.20 Funds Received Or Made Available for The Project: The Agency shall appropriately record in the Project Account, and deposit in a bank or trust company which is a member of the Federal Deposit Insurance Corporation, all payments received by it from the Commission pursuant to this Agreement and all other funds provided for, accruing to, or otherwise received on account of the Project, which Commission payments and other funds are herein collectively referred to as "Project Funds". The Agency shall require depositories of Project Funds to secure continuously and fully all Project Funds in excess of the amounts insured under Federal plans, or under State plans which have been approved for the deposit of Project funds by the Commission, by the deposit or setting aside of collateral of the types and in the manner as prescribed by State law for the security of public funds, or as approved by the Commission. 730 Costs Incurred for the Project: The Agency shall charge to thrProject Account all eligible costs of the Project. Costs in excess of the latest approved budget or attributable to actions which have not met the other requirements of this Agreement, shall not be considered eligible costs. 7.40 Documentation of Project Costs: All costs charged to the Project, including any approved services contributed by the Agency or others, shall be supported by properly executed payrolls, time records, invoices, contracts, or vouchers evidencing in proper detail the nature and propriety of the charges. Time records shall idendfy the percentage of each employees time which is devoted to Commission funded projects. Records must be kept to show how the value placed on third party transactions was derived. 7.50 Checks, Orders, and Vouchers: Any check or order drawn by the Agency with respect to any item which is or will be chargeable against the Project Account will be drawn only in accordance with a properly signed voucher then on file in the office of the Agency stating in proper detail the purpose for which such check or order is • drawn. All checks, payrolls, invoices, contracts, vouchers, orders, or other accounting documents pertaining in whole or in part to the Project shall be clearly identified, readily accessible, and, within the agencies existing accounting system. 7.60 Audit Reports: The Agency shall provide for each of its fiscal years for which the Project Account remains open, an audit report prepared either by its official auditor or audit agency or an independent certified public accountant, reflecting the use of the funds of the Commission, the Agency, and those from any other source with respect to the Project. Audits shall be performed in accordance with generally accepted govemment auditing