Common use of ACCOUNTING AND AUDITING Clause in Contracts

ACCOUNTING AND AUDITING. Grantee must record the receipt of the grant funds and any Project-related expenditure, in such a form as to enable Grantor to verify that the funds were expended for the stated purposes of the grant and in accordance with generally accepted accounting principles. All pertinent records, including invoices, purchase orders, packing lists, warranties, rebates and worksheets supporting allocations shall be retained in Grantee files for at least three years after the Grant Period or after the expenditure of all grant funds, whichever comes later, or as otherwise required by state and federal law or requested by Grantor. If there are unresolved audit questions at the end of the retention period, Grantee shall retain the records until the questions are resolved. Grantor reserves the right at reasonable times and during normal business hours to audit these records, or have them audited, during the term of this Agreement or thereafter. If as a result of an audit Grantor reasonably concludes that funds were spent for purposes not related to approved Project-related activities, as set forth in the Budget and subject to this Agreement, Grantor will be entitled to a refund of such funds, including interest on the amount refunded. Grantee shall return such funds to Grantor within 30 days of Grantor’s written demand.

ACCOUNTING AND AUDITING. Grantee must record the receipt of the grant funds and any Project-related expenditure, in such a form as to enable Grantor to verify that the funds were expended for the stated purposes of the grant and in accordance with generally accepted accounting principles. All pertinent records, including invoices, purchase orders, packing lists, warranties, rebates and worksheets supporting allocations shall be retained in Grantee files for at least three years after the Grant Period or after the expenditure of all grant funds, whichever comes later, or as otherwise required by state and federal law or requested by Grantor. If there are unresolved audit questions at the end of the retention period, Grantee shall retain the records until the questions are resolved. Grantor reserves the right at reasonable times and during normal business hours to audit these records, or have them audited, during the term of this Agreement or thereafter. If as a result of an audit Grantor reasonably concludes that funds were spent for purposes not related to approved Project-Project- related activities, as set forth in the Budget and subject to this Agreement, Grantor will be entitled to a refund of such funds, including interest on the amount refunded. Grantee shall return such funds to Grantor within 30 days of Grantor’s written demand.

ACCOUNTING AND AUDITING. Grantee must record the receipt of the grant funds and any Project-related expenditure, in such a form as to enable Grantor to verify that the funds were expended for the stated purposes of the grant and in accordance with generally accepted accounting principles. All pertinent records, including invoices, purchase orders, packing lists, warranties, rebates rebates, and worksheets supporting allocations shall be retained in Grantee files for at least three (3) years after the Grant Period expires or after the expenditure of all grant funds, whichever comes later, or as otherwise required by state and federal law law, or requested by Grantor. If there are unresolved audit questions at the end of the retention period, Grantee shall retain the records until the questions are resolved. Grantor reserves the right at reasonable times and during normal business hours to audit these records, or have them audited, during the term of this Agreement or thereafter. If as a result because of an audit Grantor reasonably concludes that funds were spent for purposes not related to approved Project-related activities, as set forth in the Budget and subject to this Agreement, Grantor will be entitled to a refund of such funds, including interest on the amount refunded. Grantee shall return such funds to Grantor within 30 thirty (30) days of GrantorXxxxxxx’s written demand.