Common use of Access to Records; Audits Clause in Contracts

Access to Records; Audits. The City, its designated agents and funding entities, shall have access at any time during normal business hours and as often as necessary to any bank account and Agency books, records, documents, accounts, files, reports, and other property and papers of the Agency relating to the services to be provided under any Project Services Agreement for the purpose of making an audit, review, survey, examination, excerpt or transcript. The Agency shall submit to the City copies of any audit, accompanying management letter, review or contractor report of funds administered by the Agency that was conducted at the direction of any third party or the Agency’s Board of Directors. Any such document shall be submitted to the City within thirty (30) days after the Agency receives the report. 1. If the Agency expends City contracted funds totaling $50,000 but less than $300,000 per fiscal year under this Agreement, the Agency shall submit to the City an audit report or a financial statement review by an independent Certified Public Accountant (CPA). This audit or review shall be completed at least every two (2) years, and cover one (1) year at a minimum. The report shall be submitted to the City within thirty (30) days after the Agency receives the report, but not later than six (6) months after the close of the fiscal year being reviewed, whichever occurs first (unless otherwise approved by the City). 2. If the Agency expends City contracted funds totaling $300,000, but expends less than $750,000 of Federal funds from all sources per fiscal year under this Agreement, the Agency shall submit to the City a financial statement audit in accordance with Government Auditing Standards (“Yellow Book” Audit). An audit in compliance with Federal Office of Management and Budget (OMB) Federal Omni Circular Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule would also be acceptable. This audit shall be prepared by an independent CPA in accordance with governmental auditing procedures. The audit will normally cover a one-year period, unless otherwise directed by the City. The audit shall be completed every year and the audit scope at a minimum shall include 50% of funds received from the City (selection determined by the CPA). The audit shall be submitted to the City within thirty (30) days after receipt by the Agency, but not later than six (6) months after the close of the Agency’s fiscal year, whichever occurs first (unless otherwise approved by the City). 3. Agencies with expenditures of $750,000 or more in federal direct or indirect funds from all sources in a fiscal year are required by federal policy to comply with the provisions of the Federal Omni Circular Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule. This audit shall be completed every year, in accordance with Federal Omni Circular Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule. The audit shall be submitted to the City within thirty

Access to Records; Audits. The City, its designated agents and funding entities, shall have access at any time during normal business hours and as often as necessary to any bank account and Agency books, records, documents, accounts, files, reports, and other property and papers of the Agency relating to the services to be provided under any Project Services Agreement for the purpose of making an audit, review, survey, examination, excerpt or transcript. The Agency shall submit to the City copies of any audit, accompanying management letter, review or contractor report of funds administered by the Agency that was conducted at the direction of any third party or the Agency’s Board of Directors. Any such document shall be submitted to the City within thirty (30) days after the Agency receives the report. 1. If the Agency expends City contracted funds totaling $50,000 but less than $300,000 per fiscal year under this Agreement, the Agency shall submit to the City an audit report or a financial statement review by an independent Certified Public Accountant (CPA). This audit or review shall be completed at least every two (2) years, and cover one (1) year at a minimum. The report shall be submitted to the City within thirty (30) days after the Agency receives the report, but not later than six (6) months after the close of the fiscal year being reviewed, whichever occurs first (unless otherwise approved by the City). 2. If the Agency expends City contracted funds totaling $300,000, but expends less than $750,000 of Federal funds from all sources per fiscal year under this Agreementall Project Services Agreements, the Agency shall submit to the City a financial statement audit in accordance with Government Auditing Standards (“Yellow Book” Audit). An audit in compliance with Federal Office of Management and Budget (OMB) Federal Omni Circular Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule would also be acceptable. This audit shall be prepared by an independent CPA in accordance with governmental auditing procedures. The audit will normally cover a one-one- year period, unless otherwise directed by the City. The audit shall be completed every year and the audit scope at a minimum shall include 50% of funds received from the City (selection determined by the CPA). The audit shall be submitted to the City within thirty (30) days after receipt by the Agency, but not later than six (6) months after the close of the Agency’s fiscal year, whichever occurs first (unless otherwise approved by the City). 3. Agencies with expenditures of $750,000 or more in federal direct or indirect funds from all sources in a fiscal year are required by federal policy to comply with the provisions of the Federal Omni Circular Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule. This audit shall be completed every year, in accordance with Federal Omni Circular Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule. The audit shall be submitted to the City within thirty