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Activity Period, in accordance with the Council's Guidelines and Application Materials dated December 1997 and incorporated in this agreement by reference. The Grantee agrees that there will be no reduction in the monetary amount of match unless there is at the same time a proportionate reduction in the Total Grant Amount. 3.03 Distribution of Grant Funds. Grant funds will be distributed by the Council according to the following'schedule: a.. Upon commencement of the study funded by this grant, the Council will distribute to the Grantee fifty percent (50%) of the Total Grant Amount. b. Upon approval of the final reports required by paragraphs 5.04 and 5.05, the Council will distribute to the Grantee the final payment of the remainder of the Total Grant Amount. No payment will be,,made which would cause the Total Grant Amount to exceed fifty(50%) of projected total Grant Study costs. No payment will be made if the Grantee is not current in its reporting requirements under article V. Distribution of any funds or approval of any report is not to be construed as a Council waiver of any Grantee noncompliance with this agreement. IV. ACCOUNTING AND RECORD REQUIREMENTS 4.01 Documentation of Grant Study Costs and Income. All costs charged to the . Grant Study, whether paid with grant proceeds or charged as.the Grantee's match, must be supported by proper documentation, including properly executed payrolls, time records, invoices, contracts, or vouchers, evidencing in detail the nature and propriety of the charges. 4.02 Accounts and Records. The Grantee agrees to establish and maintain accurate, detailed, and complete separate accounts and records relating to the receipt and expenditure of all grant funds and the Grantee's Match required by this agreement, including all Grant Study documents, financial records, supporting documentation, and the property records required by paragraph 7.10. These Grant Study accounts and records shall be retained intact by the Grantee for at least three (3) years following the end of the Grant Period set forth in paragraph 6.02. These requirements shall survive closeout of the grant agreement. 4.03 Audit. The Grantee agrees to keep and maintain books, records, documents, and other evidence pertinent to its performance under this agreement in accordance with generally accepted accounting principles and practices, consistently applied. Such books, records, documents and other evidence will be maintained until the latest of 1. Complete performance of this agreement; or 2. Three (3) years following the Grant Period; or 3. If any litigation, claim, or audit is commenced during said three(3) year period, when all such litigation, claims or audits have been resolved. . During the time of such maintenance, authorized representatives of the Council (and the Legislative Auditor and/or State Auditor in accordance with Minn. Stat. §16B.06, subd. 4) will -3-