Common use of Annual Financial Reporting Clause in Contracts

Annual Financial Reporting. Grantee shall submit an annual financial report to Grantor if requested. The first annual financial report shall be due on the first anniversary of the Effective Date of this Agreement and subsequent reports due on each anniversary thereafter until the completion of the Project, expiration of the Grant Period, or termination of the Project, whichever is earliest. Financial reports must cover all expenditures made since the previous reporting period. Annual financial reports must be signed by an authorized institutional official certifying that all expenditures are directly related to the Project and Budget. Grantee shall continue to submit annual financial reports to the Grantor until all such grant funds have been expended if this Agreement is terminated.