Common use of Financial Audit of Grantee Clause in Contracts

Financial Audit of Grantee. 4.12.1. In the event Contractor expends $750,000 or more during Contractor’s fiscal year in federal awards, Contractor shall have a single or program specific audit conducted in accordance with Chapter 200, Subpart F, of Title 2 of the Code of Federal Regulations as required by the Single Audit Act of 1984, as amended (Single Audit Act), and any guidance issued by the federal Office of Management and Budget covering Contractor's fiscal year until the end of the term of this Contract.