Common use of ACCESS TO RECORDS AND AUDIT Clause in Contracts

ACCESS TO RECORDS AND AUDIT. Payments from ARPA funds are subject to 2 C.F.R. 200.303 regarding internal controls, 2 C.F.R. 200.331-333 regarding subrecipient monitoring and management, and 2 C.F.R. Part 200 Subpart F regarding audit requirements. Where applicable, these requirements are considered legally binding and enforceable under this Agreement. Oakland County reserves the right to use any legal remedy at its disposal including, but not limited to, disallowance of costs, withholding of funds or recoupment as may be necessary to satisfy requirements. Subawards or subcontracts, if any, shall contain a provision making them subject to all of the provisions in this Agreement. Public Body shall maintain all records pertinent to the Agreement and any amendments, including backup copies, for a period of five (5) years. The records shall be kept in accordance with generally accepted accounting practices, utilize adequate internal controls and shall maintain necessary documentation for all costs incurred, including documentation and an inventory of all equipment purchased with grant funds. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or the “Internal Control Integrated Framework”, issued by the Committee of Sponsoring Organizations of the Xxxxxxxx Commission (COSO). In addition to County, the U.S. Department of Treasury, or their authorized representatives, shall be provided the right to audit all records pertaining to the expenditure and use of grant funds. All records with respect to any matters covered by this Agreement shall be made available to County, the Federal awarding agency, and the Comptroller General of the United States or any of their authorized representatives, at any time during normal business hours, as often as deemed necessary, to audit, examine, and make excerpts or transcripts of all relevant data. Any deficiencies noted in audit reports must be fully cleared by Public Body within 30 days after receipt by the Public Body. Failure of Public Body to comply with the audit requirements will constitute a violation of this Agreement. Fund payments are considered “other federal financial assistance” under Title 2 C.F.R. 200 – Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (“Uniform Guidance”) and are subject to the Single Audit Act Amendments of 1996 (31 U.S.C. 7501-7507 or program specific audit pursuant to 2 C.F.R. 200.501(a) when Public Body spends $750,000 or more in federal awards during their fiscal year. Fund payments are subject to 2 C.F.R. 200.303 regarding internal controls. Subrecipient must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the Subrecipient is managing the award in compliance with Federal statutes, regulations, and the terms and conditions of the award. Fund payments are subject to 2 C.F.R. 200.330 through 200.332 regarding Public Body monitoring and management. Fund payments are subject to Subpart F regarding audit requirements. Failure of Public Body to comply with the audit requirements will constitute a violation of this Agreement. Public Body may be required to submit a copy of that audit to the County in accordance with the Uniform Guidance.

ACCESS TO RECORDS AND AUDIT. Payments from ARPA funds are subject to 2 C.F.R. 200.303 regarding internal controlsa. Contractor shall maintain accurate books, 2 C.F.R. 200.331-333 regarding subrecipient monitoring and managementrecords, documents, and 2 C.F.R. Part 200 Subpart F regarding audit requirementsother evidence (collectively, “Records”) following accounting procedures and practices sufficient to reflect properly all costs of whatever nature claimed to have been incurred and anticipated to be incurred in the performance of this Contract. Where applicableContractor shall permit OSU, these requirements NSF and the federal government and their respective duly authorized representatives to have access to the Records that are considered legally binding directly pertinent to this Contract for the purpose of conducting an audit, or other examination, or for creating excerpts or transcripts. Contractor shall maintain Records for OSU’s review for at least six years beyond the term of the Contract. Contractor shall promptly remedy any discrepancies involving deviation from the terms of this Contract and enforceable shall promptly reimburse OSU for any commitments or expenditures found by OSU to have been in excess of amounts authorized by OSU under this Agreement. Oakland County reserves Contract. b. OSU and OSU’s primary funding source (NSF) may, at reasonable times and places, audit the right to use any legal remedy at its disposal including, but not limited to, disallowance of costs, withholding of funds or recoupment as may be necessary to satisfy requirements. Subawards or subcontracts, if any, shall contain a provision making them subject to all books and records of the provisions in this Agreement. Public Body shall maintain all records pertinent Contractor and Contractor’s subcontractors and may review the Contractor’s accounting system, Overhead rates, and internal control systems to the Agreement and any amendments, including backup copies, for a period of five (5) yearsextent they relate to costs or cost principles applicable to this Contract. The records shall be kept Parties will schedule audits at a mutually agreeable time. The Contractor must include the substance of this Subsection 7, E, b in accordance with generally accepted accounting practices, utilize adequate internal controls and shall maintain necessary documentation for all costs incurred, including documentation and an inventory subcontracts c. In the conduct of all equipment purchased with grant funds. These internal controls should be audits or in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or the “Internal Control Integrated Framework”, issued by the Committee of Sponsoring Organizations of the Xxxxxxxx Commission (COSO). In addition to County, the U.S. Department of Treasury, or their authorized representatives, shall be provided the right to audit all records pertaining to the expenditure and use of grant funds. All records with respect to any matters covered by this Agreement shall be made available to County, the Federal awarding agency, and the Comptroller General of the United States or any of their authorized representatives, at any time during normal business hours, as often as deemed necessary, to audit, examine, and make excerpts or transcripts of all relevant data. Any deficiencies noted in audit reports must be fully cleared by Public Body within 30 days after receipt by the Public Body. Failure of Public Body to comply with meeting the audit requirements will constitute a violation of this Agreement. Fund payments are considered “other federal financial assistance” under Title 2 C.F.R. the primary funding source, OSU may require and evaluate Contractor compliance with Office of Management and Budget (OMB) 2CFR Part 200 – Uniform Administrative Requirements, Cost PrincipalsPrinciples, and Audit Requirements for Federal Awards (“Uniform Guidance”) and are subject Awards. The Contractor must comply with all applicable audit requirements of the OMB Circulars listed in this provision. d. OSU shall have the right to an independent third-party audit of the Contractor’s records associated with or related to the Single Audit Act Amendments of 1996 (31 U.S.C. 7501goods or Services provided for under this Contract. OSU may request an independent third-7507 or program specific party audit pursuant to 2 C.F.R. 200.501(a) when Public Body spends $750,000 or no more in federal awards during their fiscal than one time per calendar year. Fund payments are OSU will determine the time-period that will be the subject of the audit. However, the entire term of the Contract, including the original term and any subsequent renewals or extensions, may be the subject of the independent third-party audit at any time. Contractor bears the full cost of Contractor’s personnel, materials, and any additional Contractor costs to 2 C.F.R. 200.303 regarding internal controlssupport the independent third-party audits. Subrecipient must establish and maintain effective internal control over OSU will bear the Federal award that provides reasonable assurance full cost of such independent third‐party auditor unless the audit finds that the Subrecipient is managing Contractor overcharged OSU by more than 5%, in which case the award in compliance with Federal statutes, regulations, and Contractor bears the terms and conditions full cost of the award. Fund payments are subject to 2 C.F.R. 200.330 through 200.332 regarding Public Body monitoring and management. Fund payments are subject to Subpart F regarding audit requirements. Failure of Public Body to comply with the audit requirements will constitute a violation of this Agreement. Public Body may be required to submit a copy of that audit to the County in accordance with the Uniform Guidancesuch independent third‐party auditor.