FINANCIAL AND PERFORMANCE AUDIT Sample Clauses

FINANCIAL AND PERFORMANCE AUDIT a. COMPANY will have the right to audit: (i) invoiced charges; (ii) other BOOKS AND RECORDS; and (iii) the performance of any other of CONTRACTOR’s obligations under the CONTRACT, where capable of being verified by audit.

FINANCIAL AND PERFORMANCE AUDIT. 12.1 Right and Purpose (a) COMPANY will have the right to audit: (i) at-cost rates (including formulae and make-up of rates, overhead, and payroll burden factors, uplifts, direct cost, and other cost reimbursable items under the CONTRACT), but not the basis or make-up of lump sums or fixed rates that are not at-cost; (ii) invoiced charges and proper invoicing; (iii) other BOOKS AND RECORDS; and (iv) the performance of any other of CONTRACTOR’s obligations under the CONTRACT, where capable of being verified by audit. (b) Based on the findings of the audit: (i) COMPANY may make a prospective and retroactive adjustment of the applicable at-cost rates as referred to above; (ii) the parties will settle any amounts charged incorrectly within 45 days of any audit finding; and (iii) CONTRACTOR will provide any SCOPE, or refund, repair, replace, or re-perform any SCOPE where the requirement to do so is identified by any audit within 45 days of any audit finding, except where it is not reasonably practical to accomplish the foregoing in 45 days, in which case the remedial actions must be performed as soon as reasonably practicable with exercise of all diligence.

FINANCIAL AND PERFORMANCE AUDIT. A. Unless otherwise directed by the Department, the Development Owner shall arrange for the performance of an annual financial and compliance audit of funds received and performance rendered under this Agreement subject to the following conditions and limitations: (i) The Development Owner shall have an audit made by a Third Party certified public accountant in accordance with generally accepted accounting principles auditing standards for each Fiscal Year during the term of this Agreement. (ii) Unless otherwise specifically authorized by the Department in writing, the Development Owner shall submit the complete and final audit report to the Department by the first Business Day following thirty (30) calendar days from the completion of the audit but in no event later than the first Business Day following 150 calendar days from the end of each applicable Fiscal Year. (iii) The Development Owner may utilize funds budgeted under this Agreement to pay for that portion of the cost of such audited services properly allocable to the activities funded by the Department under this Agreement, provided, however, that the Department shall not make payment for the costs of such audit services until the Department has received the complete and final audit report from the Development Owner. (iv) Audits performed under this Section 9.3A are subject to review and acceptance by the Department or its designee. All audit reports shall be made available for public inspection by the first Business Day following thirty (30) calendar days from Department approval of the audit. B. Notwithstanding Section 9.3A above, the Department reserves the right to audit funds received and performance rendered under this Agreement. The Development Owner agrees to permit the Department, its designee, the State Auditor’s Office, or HUD’s Office of the Inspector General to audit the Development Owner’s records and to obtain any documents, materials, or information necessary to facilitate such audit. C. The Development Owner shall be liable to the Department for any costs paid with TCAP Funds other than Eligible Costs or otherwise disallowed pursuant to financial and compliance audit(s) of funds received by the Development Owner under this Agreement, and the Development Owner shall reimburse the Department for any such disallowed costs.