Common use of Annual Financial Report Clause in Contracts

Annual Financial Report. The Recipient will submit a detailed annual financial report in accordance with the same Budget Item cost categories shown in Schedule 2. This annual financial report will summarize all revenues and expenditure information in connection with the Work including the sources and uses for each of the FII Project Funding, the Third-Party Project Funding and the Additional Outside Funding, if any, and will incorporate a Reconciliation Statement and Certification for Project Expenditures, the template for which can be downloaded from the on-line application system. The annual financial report must document actual expenditures incurred by the Recipient in delivering the Work and be supported by financial records in the Recipient’s accounting system and financial records. The Recipient must submit the Reconciliation Statement and Certification for Project Expenditures to FII by April 26, 2021 (or within 25 days of the expiry or earlier termination of this Agreement). The statement must be certified on behalf of the Recipient by a Certified Professional Accountant which certification will confirm that the annual financial report is a true and accurate representation of the financial transactions undertaken by the Recipient in respect of the Work performed during the Term. The certification by a Certified Professional Accountant also certifies that the statement has been prepared in accordance with Canadian Generally Accepted Accounting Principles and reflects the FII Project Funding, the Third-Party Project Funding and the Additional Outside Funding, if any, received, and that the costs claimed in respect of the FII Project Funding are Eligible Costs. The annual financial report must also include a certification by a Certified Professional Accountant that all the Third-Party Project Funding and the Additional Outside Funding, if any, received by the Recipient in connection with the Work or the Project Proposal has been disclosed to FII and is accurately reflected as the applicable type of funding in the annual financial report. The Reconciliation Statement and Certification for Project Expenditures must specify the total amount of interest earned on Accountable Advances and on the FII Project Funding during the Term.

Annual Financial Report. The Recipient will submit a detailed annual financial report in accordance with the same Budget Item cost categories shown in Schedule 2. This annual financial report will summarize all revenues and expenditure information in connection with the Work including the sources and uses for each of the FII Project Funding, the Third-Party Project Funding and the Additional Outside Funding, if any, and will incorporate a Reconciliation Statement and Certification for Project Expenditures, the template for which can be downloaded from the on-line application system. The annual financial report must document actual expenditures incurred by the Recipient in delivering the Work and be supported by financial records in the Recipient’s accounting system and financial records. The Recipient must submit the Reconciliation Statement and Certification for Project Expenditures to FII by April 2625, 2021 2019 (or within 25 days of the expiry or earlier termination of this Agreement). The statement must be certified on behalf of the Recipient by a Certified Professional Accountant which certification will confirm that the annual financial report is a true and accurate representation of the financial transactions undertaken by the Recipient in respect of the Work performed during the Term. The certification by a Certified Professional Accountant also certifies that the statement has been prepared in accordance with Canadian Generally Accepted Accounting Principles and reflects the FII Project Funding, the Third-Party Project Funding and the Additional Outside Funding, if any, received, and that the costs claimed in respect of the FII Project Funding are Eligible Costs. The annual financial report must also include a certification by a Certified Professional Accountant that all the Third-Party Project Funding and the Additional Outside Funding, if any, received by the Recipient in connection with the Work or the Project Proposal has been disclosed to FII and is accurately reflected as the applicable type of funding in the annual financial report. The Reconciliation Statement and Certification for Project Expenditures must specify the total amount of interest earned on Accountable Advances and on the FII Project Funding during the Term.

Annual Financial Report. The Recipient will submit a detailed annual financial report in accordance with the same Budget Item cost categories shown in Schedule 2. This annual financial report will summarize all revenues and expenditure information in connection with the Work including the sources and uses for each of the FII Project Funding, the Third-Party Project Funding and the Additional Outside Funding, if any, and will incorporate a Reconciliation Statement and Certification for Project Expenditures, the template for which can be downloaded from the on-line application system. The annual financial report must document actual expenditures incurred by the Recipient in delivering the Work and be supported by financial records in the Recipient’s accounting system and financial records. The Recipient must submit the Reconciliation Statement and Certification for Project Expenditures to FII by April 2624, 2021 2020 (or within 25 days of the expiry or earlier termination of this Agreement). The statement must be certified on behalf of the Recipient by a Certified Professional Accountant which certification will confirm that the annual financial report is a true and accurate representation of the financial transactions undertaken by the Recipient in respect of the Work performed during the Term. The certification by a Certified Professional Accountant also certifies that the statement has been prepared in accordance with Canadian Generally Accepted Accounting Principles and reflects the FII Project Funding, the Third-Party Project Funding and the Additional Outside Funding, if any, received, and that the costs claimed in respect of the FII Project Funding are Eligible Costs. The annual financial report must also include a certification by a Certified Professional Accountant that all the Third-Party Project Funding and the Additional Outside Funding, if any, received by the Recipient in connection with the Work or the Project Proposal has been disclosed to FII and is accurately reflected as the applicable type of funding in the annual financial report. The Reconciliation Statement and Certification for Project Expenditures must specify the total amount of interest earned on Accountable Advances and on the FII Project Funding during the Term.