Oklahoma Administrative Code
Title 650 - Oklahoma Center for the Advancement of Science and Technology
Chapter 25 - Most Research Equipment Program
Section 650:25-1-12 - Contract provisions

(1) Records and accounts. The applicant and/or contractor shall provide information required by OCAST for the purpose of performance evaluation of a MOST Research Equipment Contract. The contractor shall maintain records and accounts that properly document and account for the source and application of all project funds, and all such records and accounts shall be made available on demand by OCAST for inspection and use in carrying out its responsibilities for administration of the funds.

(2) Access and examination. The contractor shall, as OCAST deems necessary, permit authorized representatives of OCAST and the State of Oklahoma full access, and the right to fully examine, all project records and accounts.

(3) Audits. The contractor shall comply with the audit policy of OCAST. The contractor shall provide OCAST timely copies of reports on any audits that include funds received from OCAST. In the event an audit results in the determination that the contractor has expended contract funds on unallowable costs, the contractor shall reimburse OCAST in full for all such costs.