Common use of Audits and Financial Statements Clause in Contracts

Audits and Financial Statements. (a) As a Subrecipient of a federal award, HSN is obligated to comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § 200.510, HSN shall prepare financial statements and a schedule of expenditures of federal awards. HSN shall provide the City with its annual financial statement within ninety (90) days of the end of its operating year. This financial statement shall be prepared by an actively licensed public accountant. (b) In addition, if expending $750,000 or more in Federal awards during its fiscal year, HSN must have a single audit in accordance with 2 CFR § 200.514 and comply with the audit provisions contained in 2 CFR subpart F and the Single Audit Act Amendments of 1996 (31 U.S.C. §§ 7501-7507), unless it elects to have a program-specific audit in accordance with 2 CFR § 200.501(c). If HSN expends less than $750,000 in federal awards during it fiscal year, they are exempt from this single audit requirement, except as noted in 2 CFR § 200.503, but records must be available for review or audit by appropriate officials of HUD, the City, or GAO. HSN must certify to the City that a single audit was not required and submit an Audited Financial Statement to the City. Audits shall be conducted annually and in accordance with procurement standards at 2 CFR §200.317 -200.327. The request for proposal for audit services must clearly state the objectives and scope of the audit and request a copy of the audit organization’s peer review report required under GAGAS. Factors to be considered in evaluating the proposal for audit services include the responsiveness to the request for proposal, relevant experience, availability of staff with professional qualifications and technical abilities, the results of peer and external control reviews, and price. HSN also must make positive efforts to utilize small businesses, minority owned firms, and women’s business enterprises in procuring audit services as stated in § 200.321. HSN must comply with the submission requirements in § 200.512. HSN must also submit any and all auditor’s reports related to this Agreement to the City within ten business days of receipt. A copy of the Audit Reporting Package as described in § 200.512, including the associated management letter, which was conducted in accordance with 2 CFR § 200.512 must be submitted to the City. HSN must also electronically submit the Audit Reporting Package to the Federal Audit Clearinghouse either thirty (30) calendar days after receipt of the auditor’s report or nine months after the end of HSN’s fiscal year end. HSN must clear any deficiencies noted in the audit reports within 30 days after receipt of any noted deficiencies. 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, HSN shall be held liable for reimbursement to the City of all funds not expended in accordance with those regulations and Agreement provisions within thirty (30) days after City has notified HSN of such non-compliance. Any reimbursement by HSN shall not preclude the City from taking any other action or pursuing other remedies. Failure to comply with these audit requirements constitutes a violation of the Agreement and may result in the withholding of future payments or reimbursements. (c) HSN also agrees to allow the City's Internal Audit and Evaluation Department, or any of the City’s other departments or representatives, to conduct any audits or financial monitoring the City feels necessary at any time during the term of this Agreement or pursuant to any HUD request. This paragraph 7 shall survive termination of this Agreement.

Audits and Financial Statements. (a) As a Subrecipient of a federal award, HSN is obligated to GAECDC must comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § 200.510, HSN GAECDC shall prepare financial statements and a schedule of expenditures of federal awards. HSN GAECDC shall provide the City with its annual financial statement within ninety (90) days of the end of its operating year. This financial statement shall be prepared by an actively licensed public accountant. (b) In addition, if expending $750,000 or more in Federal awards during its fiscal year, HSN GAECDC must have a single audit in accordance with 2 CFR § 200.514 and comply with the audit provisions contained in 2 CFR 200 subpart F and the Single Audit Act Amendments of 1996 (31 U.S.C. §§ 7501-7507), unless it elects to have a program-specific audit in accordance with 2 CFR § 200.501(c). If HSN GAECDC expends less than $750,000 in federal awards during it its fiscal year, they are exempt from this single audit requirement, except as noted in 2 CFR § 200.503, but records must be available for review or audit by appropriate officials of HUD, the City, or GAO. HSN GAECDC must certify to the City that a single audit was not required and submit an Audited Financial Statement to the City. Audits shall be conducted annually and in accordance with procurement standards at 2 CFR §§ 200.317 -200.327. The request for proposal for audit services must clearly state the objectives and scope of the audit and request a copy of the audit organization’s peer review report required under GAGAS. Factors to be considered in evaluating the proposal for audit services include the responsiveness to the request for proposal, relevant experience, availability of staff with professional qualifications and technical abilities, the results of peer and external control reviews, and price. HSN GAECDC also must make positive efforts to utilize small businesses, minority owned firms, and women’s business enterprises in procuring audit services as stated in 2 CFR § 200.321. HSN GAECDC must comply with the submission requirements in § 200.512. HSN GAECDC must also submit any and all auditor’s reports related to this Agreement to the City within ten business days of receipt. A copy of the Audit Reporting Package as described in § §200.512, including the associated management letter, which was conducted in accordance with 2 CFR § 200.512 must be submitted to the City. HSN GAECDC must also electronically submit the Audit Reporting Package to the Federal Audit Clearinghouse either thirty (30) calendar days after receipt of the auditor’s report or nine months after the end of HSNGAECDC’s fiscal year endend date. HSN GAECDC must clear any deficiencies noted in the audit reports within 30 days after receipt of any noted deficiencies. 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, HSN GAECDC shall be held liable for reimbursement to the City of all funds not expended in accordance with those regulations and Agreement provisions within thirty (30) days after City has notified HSN GAECDC of such non-compliance. Any reimbursement by HSN GAECDC shall not preclude the City from taking any other action or pursuing other remedies. Failure to comply with these audit requirements constitutes a violation of the Agreement and may result in the withholding of future payments or reimbursements. (c) HSN GAECDC also agrees to allow the City's Internal Audit and Evaluation Department, or any of the City’s other departments or representatives, to conduct any audits or financial monitoring the City feels necessary at any time during the term of this Agreement or pursuant to any HUD request. This paragraph 7 shall survive termination of this Agreement.

Audits and Financial Statements. (a) As a Subrecipient of a federal award, HSN is obligated to GMH must comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § §200.510, HSN GMH shall prepare financial statements and a schedule of expenditures of federal awards. HSN GMH shall provide the City with its annual financial statement within ninety (90) days of the end of its operating year. This financial statement shall be prepared by an actively licensed public accountant. (b) In addition, if expending $750,000 or more in Federal awards during its fiscal year, HSN GMH must have a single audit in accordance with 2 CFR § §200.514 and comply with the audit provisions contained in 2 CFR 200 subpart F and the Single Audit Act Amendments of 1996 (31 U.S.C. §§ §7501-7507), unless it elects to have a program-program- specific audit in accordance with 2 CFR § 200.501(c). If HSN GMH expends less than $750,000 in federal awards during it its fiscal year, they are exempt from this single audit requirement, except as noted in 2 CFR § §200.503, but records must be available for review or audit by appropriate officials of HUD, the City, or GAO. HSN GMH must certify to the City that a single audit was not required and submit an and Audited Financial Statement to the City. Audits shall be conducted annually and in accordance with procurement standards at 2 CFR §200.317 -200.327. The request for proposal for audit services must clearly state the objectives and scope of the audit and request a copy of the audit organization’s peer review report required under GAGASXXXXX. Factors to be considered in evaluating the proposal for audit services include the responsiveness to the request for proposal, relevant experience, availability of staff with professional qualifications and technical abilities, the results of peer and external control reviews, and price. HSN GMH also must make positive efforts to utilize small businesses, minority owned firms, and women’s business enterprises in procuring audit services as stated in § 2 CFR §200.321. HSN GMH must comply with the submission requirements in § 200.512. HSN GMH must also submit any and all auditor’s reports related elated to this the Agreement to the City within ten business days of receipt. A copy of the Audit Reporting Package as described in § §200.512, including the associated management letter, which was conducted in accordance with 2 CFR § 200.512 must be submitted to the City. HSN GMH must also electronically submit the Audit Reporting Package to the Federal Audit Clearinghouse either thirty (30) calendar days after receipt of the auditor’s report or nine months after the end of HSNGMH’s fiscal year endend date. HSN GMH must clear any deficiencies noted in the audit reports within 30 days after receipt of any noted deficiencies. 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, HSN GMH shall be held liable for reimbursement to the City of all funds not expended in accordance with those regulations and Agreement provisions within thirty (30) days after City has notified HSN GMH of such non-compliance. Any reimbursement by HSN GMH shall not preclude the City from taking any other action or pursuing other remedies. Failure to comply with these audit requirements constitutes a violation of the Agreement and may result in the withholding of future payments or reimbursementspayments. (c) HSN GMH also agrees to allow the City's Internal Audit and Evaluation Department, or any of the City’s other departments or representatives, to conduct any audits or financial monitoring the City feels necessary at any time during the term of this Agreement or pursuant to any HUD request. This paragraph 7 shall survive termination of this Agreement.

Audits and Financial Statements. (a) As a Subrecipient of a federal award, HSN CSCCF is obligated to comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § 200.510, HSN CSCCF shall prepare financial statements and a schedule of expenditures of federal awards. HSN CSCCF shall provide the City with its annual financial statement within ninety (90) days of the end of its operating year. This financial statement shall be prepared by an actively licensed public accountant. (b) In addition, if expending $750,000 or more in Federal awards during its fiscal year, HSN CSCCF must have a single audit in accordance with 2 CFR § 200.514 and comply with the audit provisions contained in 2 CFR subpart F and the Single Audit Act Amendments of 1996 (31 U.S.C. §§ 7501-7507), unless it elects to have a program-specific audit in accordance with 2 CFR § 200.501(c). If HSN CSCCF expends less than $750,000 in federal awards during it fiscal year, they are exempt from this single audit requirement, except as noted in 2 CFR § 200.503, but records must be available for review or audit by appropriate officials of HUD, the City, or GAO. HSN CSCCF must certify to the City that a single audit was not required and submit an Audited Financial Statement to the City. Audits shall be conducted annually and in accordance with procurement standards at 2 CFR §200.317 -200.327. The request for proposal for audit services must clearly state the objectives and scope of the audit and request a copy of the audit organization’s peer review report required under GAGASXXXXX. Factors to be considered in evaluating the proposal for audit services include the responsiveness to the request for proposal, relevant experience, availability of staff with professional qualifications and technical abilities, the results of peer and external control reviews, and price. HSN CSCCF also must make positive efforts to utilize small businesses, minority owned firms, and women’s business enterprises in procuring audit services as stated in § 200.321. HSN CSCCF must comply with the submission requirements in § 200.512. HSN CSCCF must also submit any and all auditor’s reports related to this Agreement to the City within ten business days of receipt. A copy of the Audit Reporting Package as described in § 200.512, including the associated management letter, which was conducted in accordance with 2 CFR § 200.512 must be submitted to the City. HSN CSCCF must also electronically submit the Audit Reporting Package to the Federal Audit Clearinghouse either thirty (30) calendar days after receipt of the auditor’s report or nine months after the end of HSNCSCCF’s fiscal year end. HSN CSCCF must clear any deficiencies noted in the audit reports within 30 days after receipt of any noted deficiencies. 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, HSN CSCCF shall be held liable for reimbursement to the City of all funds not expended in accordance with those regulations and Agreement provisions within thirty (30) days after City has notified HSN CSCCF of such non-compliance. Any reimbursement by HSN CSCCF shall not preclude the City from taking any other action or pursuing other remedies. Failure to comply with these audit requirements constitutes a violation of the Agreement and may result in the withholding of future payments or reimbursements. (c) HSN CSCCF also agrees to allow the City's Internal Audit and Evaluation Department, or any of the City’s other departments or representatives, to conduct any audits or financial monitoring the City feels necessary at any time during the term of this Agreement or pursuant to any HUD request. This paragraph 7 shall survive termination of this Agreement.