Common use of Audits, Records, and Records Retention Clause in Contracts

Audits, Records, and Records Retention. 1. To establish and maintain books, records, and documents (including electronic storage media) in accordance with generally accepted accounting practices (GAAP) and practices which sufficiently and properly reflect all revenues and expenditures of funds provided by the Coalition under this contract. 2. To assure that these records shall be subject for inspection at scheduled times, review or audit by federal, state, or other personnel duly authorized by the Coalition. Requests for documents and supporting data must be received within a reasonable time as requested by the Coalition. 3. To provide a financial and compliance audit to the Coalition as specified in Attachment III, ensure that all related party transactions are disclosed to the auditor during the auditing process and allow for monitoring in accordance with Attachment III and the provisions of 2 CFR §200 Subpart F. Questioned costs may be exposed from any of these reviews. The Sub-recipient shall have an opportunity to substantiate and/or appeal the decision of a finding and/or a questioned cost. Any unresolved questioned costs may become disallowed costs. In accordance with Section 17.04, F.S., and 2 CFR §200 Subpart F, Sub- recipients are required to pay disallowed costs on federal and state programs and may include applicable interest. Disallowed costs may not be paid with federal, state, or matching funds. The Sub-recipient agrees that legal expenses and related costs in the defense or prosecution of any claim or appeal are unallowable without Coalition and FOEL approval. 4. To include these aforementioned audit and record keeping requirements in all approved subcontracts and assignments. 5. To retain all client records, financial records, supporting documents, statistical records, and any other documents (including electronic storage media) pertinent to this contract for a period of five (5) years after termination of the contract, or if an audit has been initiated and audit findings have not been resolved at the end of five (5) years, the records shall be retained until resolution of the audit findings or any litigation which may be based on the terms of this contract. 6. If $500,000 or more in Federal awards is expended in its fiscal year, the Sub-recipient must have a single or program specific audit conducted in accordance with the provisions of Section 215.97, F.S. and 2 CFR §200 Subpart F, as revised. 7. Audits for periods ending on or after December 15, 2006 shall be in compliance with the Statement on Auditing Standards (SAS) 112 – “Communicating Internal Control Related Matters Identified in an Audit.” 8. Persons duly authorized by the Coalition and federal auditors, pursuant to 45 CFR, Part 92.36(I)(10), shall have full access to and the right to examine any of the Sub-recipient’s contract and related records and documents including the Sub-recipient’s operating activities at all reasonable times for as long as records are retained. 9. Upon completion or termination of the contract and at the request of the Coalition, the Sub-recipient will cooperate with the Coalition to facilitate the duplication and transfer of any said records or documents during the required retention period as specified in Section 1, paragraph F.5. above.

Audits, Records, and Records Retention. 1. To establish and maintain books, records, and documents (including electronic storage media) in accordance with generally accepted accounting practices (GAAP) and practices which sufficiently and properly reflect all revenues and expenditures of funds provided by the Coalition under this contract. 2. To assure that these records shall be subject for inspection at scheduled times, review or audit by federal, state, or other personnel duly authorized by the Coalition. Requests for documents and supporting data must be received within a reasonable time as requested by the Coalition. 3. To provide a financial and compliance audit to the Coalition as specified in Attachment III, ensure that all related party transactions are disclosed to the auditor during the auditing process and allow for monitoring in accordance with Attachment III and the provisions of 2 CFR §200 Subpart F. OMB Circular A-133. Questioned costs may be exposed from any of these reviews. The Sub-recipient shall have an opportunity to substantiate and/or appeal the decision of a finding and/or a questioned cost. Any unresolved questioned costs may become disallowed costs. In accordance with Section 17.04, F.S., and 2 CFR §200 Subpart FOMB Circular A-133, Sub- recipients are required to pay disallowed costs on federal and state programs and may include applicable interest. Disallowed costs may not be paid with federal, state, or matching funds. The Sub-recipient agrees that legal expenses and related costs in the defense or prosecution of any claim or appeal are unallowable without Coalition and FOEL approval. 4. To include these aforementioned audit and record keeping requirements in all approved subcontracts and assignments. 5. To retain all client records, financial records, supporting documents, statistical records, and any other documents (including electronic storage media) pertinent to this contract for a period of five (5) years after termination of the contract, or if an audit has been initiated and audit findings have not been resolved at the end of five (5) years, the records shall be retained until resolution of the audit findings or any litigation which may be based on the terms of this contract. 6. If $500,000 or more in Federal awards is expended in its fiscal year, the Sub-recipient must have a single or program specific audit conducted in accordance with the provisions of Section 215.97, F.S. and 2 CFR §200 Subpart FOMB Circular A-133, as revised. 7. Audits for periods ending on or after December 15, 2006 shall be in compliance with the Statement on Auditing Standards (SAS) 112 – “Communicating Internal Control Related Matters Identified in an Audit.” 8. Persons duly authorized by the Coalition and federal auditors, pursuant to 45 CFR, Part 92.36(I)(10), shall have full access to and the right to examine any of the Sub-recipient’s contract and related records and documents including the Sub-recipient’s operating activities at all reasonable times for as long as records are retained. 9. Upon completion or termination of the contract and at the request of the Coalition, the Sub-recipient will cooperate with the Coalition to facilitate the duplication and transfer of any said records or documents during the required retention period as specified in Section 1, paragraph F.5. above.

Audits, Records, and Records Retention. 1. To establish and maintain books, records, and documents (including electronic storage media) in accordance with generally accepted accounting practices (GAAP) and practices which sufficiently and properly reflect all revenues and expenditures of funds provided by the Coalition under this contract. 2. To assure that these records shall be subject for inspection at scheduled times, review or audit by federal, state, or other personnel duly authorized by the Coalition. Requests for documents and supporting data must be received within a reasonable time as requested by the Coalition. 3. To provide a financial and compliance audit to the Coalition as specified in Attachment III, ensure that all related party transactions are disclosed to the auditor during the auditing process and allow for monitoring in accordance with Attachment III and the provisions of 2 CFR §200 Subpart F. Questioned costs may be exposed from any of these reviews. The Sub-recipient shall have an opportunity to substantiate and/or appeal the decision of a finding and/or a questioned cost. Any unresolved questioned costs may become disallowed costs. In accordance with Section 17.04, F.S., and 2 CFR §200 Subpart F, Sub- Sub-recipients are required to pay disallowed costs on federal and state programs and may include applicable interest. Disallowed costs may not be paid with federal, state, or matching funds. The Sub-recipient agrees that legal expenses and related costs in the defense or prosecution of any claim or appeal are unallowable without Coalition and FOEL approval. 4. To include these aforementioned audit and record keeping requirements in all approved subcontracts and assignments. 5. To retain all client records, financial records, supporting documents, statistical records, and any other documents (including electronic storage media) pertinent to this contract for a period of five (5) years after termination of the contract, or if an audit has been initiated and audit findings have not been resolved at the end of five (5) years, the records shall be retained until resolution of the audit findings or any litigation which may be based on the terms of this contract. 6. If $500,000 or more in Federal awards is expended in its fiscal year, the Sub-recipient must have a single or program specific audit conducted in accordance with the provisions of Section 215.97, F.S. and 2 CFR §200 Subpart F, as revised. 7. Audits for periods ending on or after December 15, 2006 shall be in compliance with the Statement on Auditing Standards (SAS) 112 – “Communicating Internal Control Related Matters Identified in an Audit.” 8. Persons duly authorized by the Coalition and federal auditors, pursuant to 45 CFR, Part 92.36(I)(10), shall have full access to and the right to examine any of the Sub-recipient’s contract and related records and documents including the Sub-recipient’s operating activities at all reasonable times for as long as records are retained. 9. Upon completion or termination of the contract and at the request of the Coalition, the Sub-Sub- recipient will cooperate with the Coalition to facilitate the duplication and transfer of any said records or documents during the required retention period as specified in Section 1, paragraph F.5. above.

Audits, Records, and Records Retention. 1. To establish and maintain books, records, and documents (including electronic storage media) in accordance with generally accepted accounting practices (GAAP) and practices which sufficiently and properly reflect all revenues and expenditures of funds provided by the Coalition under this contract. 2. To assure that these records shall be subject for inspection at scheduled times, review or audit by federal, state, or other personnel duly authorized by the Coalition. Requests for documents and supporting data must be received within a reasonable time as requested by the Coalition. 3. To provide a financial and compliance audit to the Coalition as specified in Attachment III, ensure that all related party transactions are disclosed to the auditor during the auditing process and allow for monitoring in accordance with Attachment III and the provisions of 2 CFR §200 Subpart F. OMB Circular A-133. Questioned costs may be exposed from any of these reviews. The Sub-recipient shall have an opportunity to substantiate and/or appeal the decision of a finding and/or a questioned cost. Any unresolved questioned costs may become disallowed costs. In accordance with Section 17.04, F.S., and 2 CFR §200 Subpart FOMB Circular A-133, Sub- Sub-recipients are required to pay disallowed costs on federal and state programs and may include applicable interest. Disallowed costs may not be paid with federal, state, or matching funds. The Sub-recipient agrees that legal expenses and related costs in the defense or prosecution of any claim or appeal are unallowable without Coalition and FOEL approval. 4. To include these aforementioned audit and record keeping requirements in all approved subcontracts and assignments. 5. To retain all client records, financial records, supporting documents, statistical records, and any other documents (including electronic storage media) pertinent to this contract for a period of five (5) years after termination of the contract, or if an audit has been initiated and audit findings have not been resolved at the end of five (5) years, the records shall be retained until resolution of the audit findings or any litigation which may be based on the terms of this contract. 6. If $500,000 or more in Federal awards is expended in its fiscal year, the Sub-recipient must have a single or program specific audit conducted in accordance with the provisions of Section 215.97, F.S. and 2 CFR §200 Subpart FOMB Circular A-133, as revised. 7. Audits for periods ending on or after December 15, 2006 shall be in compliance with the Statement on Auditing Standards (SAS) 112 – “Communicating Internal Control Related Matters Identified in an Audit.” 8. Persons duly authorized by the Coalition and federal auditors, pursuant to 45 CFR, Part 92.36(I)(10), shall have full access to and the right to examine any of the Sub-recipient’s contract and related records and documents including the Sub-recipient’s operating activities at all reasonable times for as long as records are retained. 9. Upon completion or termination of the contract and at the request of the Coalition, the Sub-recipient will cooperate with the Coalition to facilitate the duplication and transfer of any said records or documents during the required retention period as specified in Section 1, paragraph F.5. above.