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3 <br /> 2. For payment of indirect costs by the Foundation the Sub-recipient must provide a written <br /> statement from an independent certified public accounting firm attesting that the proposal <br /> complies with the requirements of the applicable cost principle as required by VIII.B above and <br /> which statement provides the basis of the calculated rate. <br /> IX. PROCUREMENT STANDARDS <br /> A. Procurement Standards: <br /> 1. As with Cost Principles(VIII.B above),the parties adopt the U.S.Federal standards for <br /> procurement as are outlined in the U.S.Federal Uniform Administrative Requirements <br /> applicable to the organization type to which the Sub-recipient belongs; and Sub-recipient's <br /> compliance with those standards is required under this PFA(See VI) except as may be modified <br /> by this PFA. <br /> 2. These provisions define the standards for use in establishing procedures for procurement of <br /> supplies,equipment,and other services which cost is borne in whole or in part as a condition of <br /> this PFA. <br /> 3. .These standards include but are not limited to the following: <br /> a. Sub-recipient may use its own procurement policies provided that they adhere to the <br /> applicable standards; <br /> b. Sub-recipient shall maintain a code of conduct which shall govern the performance of its <br /> officers, employees,and agents (including Subcontractors)in contracting with or expending <br /> Foundation and Co-funders' funds; and <br /> c. All procurement transactions shall be conducted in a manner so as to provide for maximum <br /> open and free competition. <br /> d. Upon reasonable notice from any Co-Funder,the Foundation shall permit Co-funder or its <br /> auditors to review and audit the Foundation's fmancial records relating to this contract. <br /> B. Title to Equipment and Supplies: <br /> 1. Sub-recipient shall assume responsibility for the care and maintenance of all equipment or <br /> supplies acquired for use in the Project pursuant to current Sub-recipient policy and <br /> manufacturer's instruction. <br /> 2. Title to any equipment and supplies for this Project shall be vested to Sub-recipient. <br /> X. AUDITS AND MONITORING <br /> A. Audit Procedures: The expenditure of funds under this PFA may be subject to quarterly or annual <br /> audits conducted by the Foundation on behalf of itself and Co-funders,in Foundation's sole <br /> discretion, or by its authorized representatives. The Sub-recipient shall provide to the Foundation and <br /> its authorized representatives all technical staff, assistance, and infounation needed to enable <br /> Foundation to perform its auditing function.This assistance includes,but is not limited to,information <br /> FINAL 09012011 9 Joint Multi Funded PFA <br /> 47 <br />