Common use of Audit Requirements Clause in Contracts

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT expends more than $500,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed and a copy furnished to the CITY, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITY. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANT’s fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133, as amended and 24 CFR Parts 84 and 85, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT shall be held liable for reimbursement to the City of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY has notified CONSULTANT of such non-compliance. Said reimbursement shall not preclude the CITY from taking any other action as provided herein. If expenditure does not exceed $500,000.00 during an operating year, CONSULTANT shall provide the CITY with its annual financial statement within ninety (90) days of the end of its operating year. Said financial statement shall be prepared by an actively licensed certified public accountant.

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT the Firm expends more than $500,000.00 750,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT the Firm shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed and a copy furnished to the CITYCity, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITYCity. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANTFirm’s fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133Budget: Part 200 Uniform Administrative Requirements, as amended Cost Principles, and 24 CFR Parts 84 and 85Audit Requirements for Federal Awards, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT the Firm shall be held liable for reimbursement to the City of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY City has notified CONSULTANT the Firm of such non-non- compliance. Said reimbursement shall not preclude the CITY City from taking any other action as provided herein. If expenditure does not exceed $500,000.00 750,000.00 during an operating year, CONSULTANT the Firm shall provide the CITY City with its annual financial statement within ninety (90) days of the end of its operating year. Said financial statement shall be prepared by an actively licensed certified public accountant. State Single Audit: Each nonstate entity shall comply with all applicable requirements of section 215.97, F.S., and Audit Requirements. A State single audit is required if an nonstate entity expends $500,000 or more of State financial assistance in any fiscal year of such nonstate entity in accordance with the requirements of the Florida Single Audit Act.

Audit Requirements. Pursuant to 24 CFR §85.26, the Project Developer is subject to the audit requirements contained in the Single Audit Act Amendments of 1996 (31 U.S.C. §§ 7501-7507) and 2 CFR Part 200, Subpart F, hereinafter collectively referred to as the “Federal Audit Requirements”, which may require the Project Developer to obtain an audit as set forth therein. In the event, that during the period of this Agreement, CONSULTANT Project Developer expends more than $500,000.00 750,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT the Project Developer shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed completed, and a copy furnished to the CITYCity, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) ), or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITYCity. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANTProject Developer’s fiscal year. The determination of when Grant HOME Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 1332 CFR Part 200, as amended Subpart F, and 24 CFR Parts 84 and 85, as applicablePart 45, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT Project Developer shall be held liable for reimbursement to the City of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY City has notified CONSULTANT Project Developer of such non-compliance. Said reimbursement shall not preclude the CITY City from taking any other action as provided in Article IV and V herein. If expenditure does not exceed $500,000.00 750,000.00 during an operating year, CONSULTANT Project Developer shall provide submit to the CITY with its annual financial statement City within ninety one hundred eighty (90180) days of after the end of the Project Developer’s fiscal year, and otherwise upon request by the City, audited financial statements, which must comply with Generally Accepted Accounting Principles (GAAP) as adopted by the U.S. Securities and Exchange Commission (SEC), covering the entire term of this Agreement. If the Project Developer fails to provide its operating year. Said audited financial statement statements within the one hundred eighty (180) day time period referenced above, then, the Project Developer shall be prepared by in default hereunder. Notwithstanding the foregoing, the City may grant the Project Developer an actively licensed certified public accountantextension of the one hundred eighty (180) day time period to provide its audited financials, but such extension shall be solely at the City’s discretion.

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT FIRM expends more than $500,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT FIRM shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed and a copy furnished to the CITY, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITY. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANTFIRM’s fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133A-133, as amended and 24 CFR Parts 84 and 85, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT FIRM shall be held liable for reimbursement to the City CITY of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY has notified CONSULTANT FIRM of such non-compliance. Said reimbursement shall not preclude the CITY from taking any other action as provided herein. If expenditure does not exceed $500,000.00 during an operating year, CONSULTANT FIRM shall provide the CITY with its annual financial statement within ninety (90) days of the end of its operating year. Said financial statement shall be prepared by an actively licensed certified public accountant.

Audit Requirements. The Subrecipient is subject to the audit requirements contained in 2 CFR Part 200, Subpart F, hereinafter collectively referred to as the “Federal Audit Requirements”, which may require the Subrecipient to obtain an audit as set forth therein. In the event, that during the period of this Agreement, CONSULTANT the Subrecipient expends more than $500,000.00 750,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT the Subrecipient shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed completed, and a copy furnished to the CITYCounty, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit period), unless a longer period is agreed to in advance by the CITYCounty. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANTSubrecipient’s fiscal year. The determination of when Grant CDBG Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 1332 CFR § Part 200, as amended and 24 CFR Parts 84 and 85, as applicableSubpart F, which are is made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT Subrecipient shall be held liable for reimbursement to the City County of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY County has notified CONSULTANT the Subrecipient of such non-compliance. Said reimbursement shall not preclude the CITY County from taking any other action as provided in Article V herein. If expenditure does not exceed $500,000.00 750,000.00 during an operating year, CONSULTANT the Subrecipient shall provide submit to the CITY with its annual financial statement County within ninety one hundred eighty (90180) days of after the end of the Subrecipient’s fiscal year, and otherwise upon request by the County, audited financial statements, which must comply with Generally Accepted Accounting Principles (GAAP), covering the entire Term of this Agreement. If the Subrecipient fails to provide its operating year. Said audited financial statement statements within the one hundred eighty (180) day time period referenced above, then, the Subrecipient shall be prepared by in default hereunder. Notwithstanding the foregoing, the County may grant the Subrecipient an actively licensed certified public accountantextension of the one hundred eighty (180) day time period to provide its audited financials, but such extension shall be solely at the County’s discretion.

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT the Firm expends more than $500,000.00 750,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT the Firm shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed and a copy furnished to the CITYCity, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITYCity. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANTFirm’s fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133Budget: Part 200 Uniform Administrative Requirements, as amended Cost Principles, and 24 CFR Parts 84 and 85Audit Requirements for Federal Awards, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT the Firm shall be held liable for reimbursement to the City of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY City has notified CONSULTANT the Firm of such non-compliance. Said reimbursement shall not preclude the CITY City from taking any other action as provided herein. If expenditure does not exceed $500,000.00 750,000.00 during an operating year, CONSULTANT the Firm shall provide the CITY City with its annual financial statement within ninety (90) days of the end of its operating year. Said financial statement shall be prepared by an actively licensed certified public accountant.

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT expends more than $500,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed and a copy furnished to the CITY, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITY. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANT’s fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133, as amended and 24 CFR Parts 84 and 85, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT shall be held liable for reimbursement to the City of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY has notified CONSULTANT of such non-compliance. Said reimbursement shall not preclude the CITY from taking any other action as provided herein. If expenditure does not exceed $500,000.00 during an operating year, CONSULTANT shall provide the CITY with its annual financial statement within ninety (90) days of the end of its operating year. Said financial statement shall be prepared by an actively licensed certified public accountant.. 7 Revised 2-1-13

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT expends more than $500,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT The Project Sponsor shall, at its own cost and expense, cause to be carried out an independent annual audit. The annual audit shall be completed completed, and after completion, a copy shall be furnished to the CITY, LCRA within 10 (ten) days of written request by the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit periodLCRA, unless a longer period is agreed to in advance by the CITYLCRA. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANT’s Project Sponsor's fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133, as amended and 24 CFR Parts 84 and 85, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT the Project Sponsor shall be held liable for reimbursement to the City LCRA of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY LCRA has notified CONSULTANT Project Sponsor of such non-compliancenoncompliance. Said reimbursement shall not preclude the CITY LCRA from taking any other action as provided in Article V herein. If expenditure does not exceed $500,000.00 during an operating year, CONSULTANT Project Sponsor shall provide submit to the CITY with its annual financial statement LCRA within ninety one hundred eighty (90180) days of after the end of the Project Sponsor's fiscal year, and otherwise upon request by the LCRA, audited financial statements, which must comply with Generally Accepted Accounting Principles (GAAP), covering the entire Term of this Agreement. If the Project Sponsor fails to provide its operating year. Said audited financial statement statements within the one hundred eighty (180) day time period referenced above, then, the Project Sponsor shall be prepared by in default hereunder. Notwithstanding the foregoing, the LCRA may grant the Project Sponsor an actively licensed certified public accountantextension of the one hundred eighty (180) day time period to provide its audited financials, but such extension shall be solely at the LCRA's discretion.

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT the Firm expends more than $500,000.00 750,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT the Firm shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed and a copy furnished to the CITYCity, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITYCity. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANTFirm’s fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133Budget: Part 200 Uniform Administrative Requirements, as amended Cost Principles, and 24 CFR Parts 84 and 85Audit Requirements for Federal Awards, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT the Firm shall be held liable for reimbursement to the City of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY City has notified CONSULTANT the Firm of such non-compliance. Said reimbursement shall not preclude the CITY City from taking any other action as provided herein. If expenditure does not exceed $500,000.00 750,000.00 during an operating year, CONSULTANT the Firm shall provide the CITY City with its annual financial statement within ninety (90) days of the end of its operating year. Said financial statement shall be prepared by an actively licensed certified public accountant. State Single Audit: Each nonstate entity shall comply with all applicable requirements of section 215.97, F.S., and Audit Requirements. A State single audit is required if an nonstate entity expends $500,000 or more of State financial assistance in any fiscal year of such nonstate entity in accordance with the requirements of the Florida Single Audit Act.

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT the Firm expends more than $500,000.00 750,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT the Firm shall, at its own cost and expense, cause to be carried out an independent audit. The audit shall be completed and a copy furnished to the CITYCity, within the earlier of thirty (30) calendar days after receipt of the auditor’s 's report(s) or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITYCity. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANT’s Firm's fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133Budget: Part 200 Uniform Administrative Requirements, as amended Cost Principles, and 24 CFR Parts 84 and 85Audit Requirements for Federal Awards, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT the Firm shall be held liable for reimbursement to the City of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY City has notified CONSULTANT the Firm of such non-compliance. Said reimbursement shall not preclude the CITY City from taking any other action as provided herein. If expenditure does not exceed $500,000.00 750,000.00 during an operating year, CONSULTANT the Firm shall provide the CITY City with its annual financial statement within ninety (90) days of the end of its operating year. Said financial statement shall be prepared by an actively licensed certified public accountant. State Single Audit: Each nonstate entity shall comply with all applicable requirements of section 215.97, F.S., and Audit Requirements. A State single audit is required if an nonstate entity expends $500,000 or more of State financial assistance in any fiscal year of such nonstate entity in accordance with the requirements of the Florida Single Audit Act.

Audit Requirements. In the event, that during the period of this Agreement, CONSULTANT Project Sponsor expends more than $500,000.00 in federal funds in an operating year from this and other federal grants, CONSULTANT Project Sponsor shall, at its own cost and expense, cause provide for an independent audit to be carried out an independent auditconducted. The audit shall be completed completed, and a copy furnished to the CITYCity, within the earlier of thirty (30) calendar days after receipt of the auditor’s report(s) or nine (9) months after the end of the audit period, unless a longer period is agreed to in advance by the CITYCity. For purposes of this Agreement, an operating and/or audit year is the equivalent to the CONSULTANTProject Sponsor’s fiscal year. The determination of when Grant Funds are expended is based on when the activity related to the expenditure occurs. The audit shall be conducted in compliance with the Office of Management and Budget Circular No. A- 133A-133, as amended and 24 CFR Parts 84 and 85, as applicable, which are made a part of this Agreement by reference thereto. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, CONSULTANT Project Sponsor shall be held liable for reimbursement to the City of all funds not expended in accordance with these applicable regulations and Agreement provisions within thirty (30) calendar days after the CITY City has notified CONSULTANT Project Sponsor of such non-compliance. Said reimbursement shall not preclude the CITY City from taking any other action as provided in Article VI herein. If expenditure does not exceed $500,000.00 during an operating year, CONSULTANT Project Sponsor shall provide the CITY City with its annual financial statement within ninety (90) calendar days of the end of its operating year. Said financial statement shall be prepared by an actively licensed certified public accountant.