Common use of Financial Reporting and Audit Requirements Clause in Contracts

Financial Reporting and Audit Requirements. If one or more phases of this AGREEMENT include a sub-award of federal funds to the LPA, the LPA shall comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds in the Preliminary Engineering and/or Right of Way phases of the Project must track these payments throughout the life of the in order to ensure an accurate Schedule of Expenditures of Federal Award (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds related to this PROJECT are reported when the activity related to the Federal award occurs.5 Further, the LPA may make this applicable. Accordingly, the fringe benefits rate applicable to different fiscal years throughout the period of performance of the project may fluctuate to match changes to the ODOT approved rate.

Financial Reporting and Audit Requirements. If one One or more phases of this AGREEMENT Agreement include a sub-sub award of federal Federal funds to the LPA. Accordingly, the LPA shall must comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipientssub recipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds expended to or on behalf of a sub recipient must be recorded in the Preliminary Engineering and/or Right of Way phases accounting records of the Project must track these LPA subrecipient. The LPA is responsible for tracking all project payments throughout the life of the PROJECT in order to ensure an accurate Schedule of Expenditures of Federal Award Awards (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds expenditures related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs. Further, the LPA may make this applicable. Accordinglydetermination consistent with section 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, the fringe benefits rate applicable to different fiscal years throughout the period of performance of the project may fluctuate to match changes to the ODOT approved ratemodified accrual or cash basis.

Financial Reporting and Audit Requirements. If one One or more phases of this AGREEMENT Agreement include a sub-sub award of federal Federal funds to the LPA. Accordingly, the LPA shall must comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipientssub recipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds expended to or on behalf of a sub recipient must be recorded in the Preliminary Engineering and/or Right of Way phases accounting records of the Project must track these LPA subrecipient. The LPA is responsible for tracking all project payments throughout the life of the PROJECT in order to ensure an accurate Schedule of Expenditures of Federal Award Awards (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds expenditures related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs. Further, the LPA may make this applicabledetermination consistent with section 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits rate applicable LPA may be required to different make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the correct fiscal years throughout year. An ODOT request for the period restatement of performance a previously published SEFA will be coordinated with the Ohio Auditor of the project may fluctuate to match changes to the ODOT approved rateState.

Financial Reporting and Audit Requirements. If one One or more phases of this AGREEMENT Agreement include a sub-sub award of federal Federal funds to the LPAGRANTEE. Accordingly, the LPA shall GRANTEE must comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipientsGRANTEE sub recipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds expended to or on behalf of a sub recipient must be recorded in the Preliminary Engineering and/or Right of Way phases accounting records of the Project must track these GRANTEE subrecipient. The GRANTEE is responsible for tracking all project payments throughout the life of the PROJECT in order to ensure an accurate Schedule of Expenditures of Federal Award Awards (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA GRANTEE project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPAGRANTEE. The LPA GRANTEE must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs GRANTEEs are responsible for ensuring funds expenditures related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs. Further, the LPA GRANTEE may make this applicabledetermination consistent with section 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits rate applicable GRANTEE may be required to different make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the correct fiscal years throughout year. An ODOT request for the period restatement of performance a previously published SEFA will be coordinated with the Ohio Auditor of the project may fluctuate to match changes to the ODOT approved rateState.

Financial Reporting and Audit Requirements. If one or more phases of this AGREEMENT include a sub-award of federal funds to the LPA, the LPA shall comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds in the Preliminary Engineering and/or Right of Way phases of the Project must track these payments throughout the life of the in order to ensure an accurate Schedule of Expenditures of Federal Award (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds related to this PROJECT are reported when the activity related to the Federal award occurs.5 Further, the LPA may make this applicabledetermination consistent with 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits rate applicable LPA may be required to different make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the correct fiscal years throughout year. An ODOT request for the period restatement of performance a previously published SEFA will be coordinated with the Ohio Auditor of the project may fluctuate to match changes to the ODOT approved rateState.

Financial Reporting and Audit Requirements. If one One or more phases of this AGREEMENT include a sub-award subaward of federal Federal funds to the LPA. Accordingly, the LPA shall must comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds expended to or on behalf of a sub recipient must be recorded in the Preliminary Engineering and/or Right of Way phases accounting records of the Project must track these LPA subrecipient. The LPA is responsible for tracking all project payments throughout the life of the PROJECT in order to ensure an accurate Schedule of Expenditures of Federal Award Awards (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds expenditures related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs. Further, the LPA may make this applicabledetermination consistent with section 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits rate applicable LPA may be required to different make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the correct fiscal years throughout year. An ODOT request for the period restatement of performance a previously published SEFA will be coordinated with the Ohio Auditor of the project may fluctuate to match changes to the ODOT approved rateState.

Financial Reporting and Audit Requirements. If one One or more phases of this AGREEMENT Agreement include a sub-sub award of federal Federal funds to the LPA. Accordingly, the LPA shall must comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipientssub recipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds expended to or on behalf of a sub recipient must be recorded in the Preliminary Engineering and/or Right of Way phases accounting records of the Project must track these LPA subrecipient. The LPA is responsible for tracking all project payments throughout the life of the PROJECT in order to ensure an accurate Schedule of Expenditures of Federal Award Awards (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds expenditures related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs. Further, the LPA may make this applicabledetermination consistent with Section 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits rate applicable LPA may be required to different make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the correct fiscal years throughout year. An ODOT request for the period restatement of performance a previously published SEFA will be coordinated with the Ohio Auditor of the project may fluctuate to match changes to the ODOT approved rateState.

Financial Reporting and Audit Requirements. If one One or more phases of this AGREEMENT Agreement include a sub-sub award of federal Federal funds to the LPASUBRECIPIENT. Accordingly, the LPA shall SUBRECIPIENT must comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipientsSUBRECIPIENT sub recipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds expended to or on behalf of a sub recipient must be recorded in the Preliminary Engineering and/or Right of Way phases accounting records of the Project must track these SUBRECIPIENT. The SUBRECIPIENT is responsible for tracking all project payments throughout the life of the PROJECT in order to ensure an accurate Schedule of Expenditures of Federal Award Awards (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA SUBRECIPIENT project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPASUBRECIPIENT. The LPA SUBRECIPIENT must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs SUBRECIPIENTs are responsible for ensuring funds expenditures related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs. Further, the LPA SUBRECIPIENT may make this applicabledetermination consistent with section 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits rate applicable SUBRECIPIENT may be required to different make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the correct fiscal years throughout year. An ODOT request for the period restatement of performance a previously published SEFA will be coordinated with the Ohio Auditor of the project may fluctuate to match changes to the ODOT approved rateState.

Financial Reporting and Audit Requirements. If one One or more phases of this AGREEMENT Agreement include a sub-sub award of federal Federal funds to the LPA. Accordingly, the LPA shall must comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal Federal entities, including ODOT’s LPA subrecipientssub-recipients, that have aggregate federal Federal awards expenditures from all sources of $750,000 or more in the non-federal Federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds expended to or on behalf of a subrecipient must be recorded in the Preliminary Engineering and/or Right of Way phases accounting records of the Project must track these LPA subrecipient. The LPA is responsible for tracking all project payments throughout the life of the PROJECT in order to ensure an accurate Schedule of Expenditures of Federal Award Awards (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds expenditures related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs. Further, the LPA may make this applicabledetermination consistent with 2 CFR 200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits rate applicable LPA may be required to different make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the correct fiscal years throughout year. An ODOT request for the period restatement of performance a previously published SEFA will be coordinated with the Ohio Auditor of the project may fluctuate to match changes to the ODOT approved rateState.

Financial Reporting and Audit Requirements. If one or more phases of this AGREEMENT include a sub-award of federal funds to the LPA, the LPA shall comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds in the Preliminary Engineering and/or Right of Way phases of the Project must track these payments throughout the life of the project in order to ensure an accurate Schedule of Expenditures of Federal Award (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs.4 Further, the LPA may make this applicabledetermination consistent with 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits LPA may be required to make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the rate applicable to different fiscal years throughout the period of performance of the project may fluctuate to match changes change s to the ODOT approved rate.

Financial Reporting and Audit Requirements. If one or more phases of this AGREEMENT include a sub-award of federal funds to the LPA, the The LPA shall comply with the financial reporting and audit requirements of 2 CFR Part 200. If notThe LPA must submit performance reports at the interval required by the Federal awarding agency and pass-through entity. Annual reports must be due 90 calendar days after the reporting period; quarterly and semi-annual reports must be due 30 calendar days after the reporting period. Alternatively, ODOT may require annual reports before the financial reporting and audit requirements remain with ODOT. All non-federal entities, including ODOT’s LPA subrecipients, anniversary dates of multiple year Federal awards.1 LPAs that have aggregate federal awards expenditures from all sources of expend $750,000 or more in the non-federal entityLPA’s fiscal year in Federal awards must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200§200.501. LPAs that expend Federal and State funds in expended to or on behalf of a subrecipient must be recorded by the Preliminary Engineering and/or Right of Way phases of the Project must track subrecipient (LPA). The LPA is responsible for tracking these payments throughout the life of the project in order to ensure an accurate Schedule of Expenditures of Federal Award (hereinafter referred to as SEFASchedule) is prepared annually provided for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA20.205 funding. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFASchedule separately. LPAs LPAS are responsible for ensuring funds related to this PROJECT are reported when the activity related to the Federal award occurs.5 Furtheroccurs.2 The LPA is required to report its own expenditures, in addition to any expenditures made by ODOT for the project in the applicable Schedule when the expenditure was made. When a Schedule is not accurately reported for the project, the LPA may will be required to make this applicable. Accordinglycorrections to past, current, and possibly future Schedules and Audit Reports to ensure Federal funds are accurately reported in the fringe benefits rate applicable to different correct fiscal years throughout the period of performance of year matching the project may fluctuate expenditure. The LPA is required to match changes report all Federal funds received, or expended on its behalf, regardless to differences in the LPA expenditure date and ODOT approved ratereimbursement date.

Financial Reporting and Audit Requirements. If one or more phases of this AGREEMENT Agreement include a sub-award of federal Federal funds to the LPA, the LPA shall comply with the financial reporting and audit requirements of 2 CFR Part 200. If not, the financial reporting and audit requirements remain with ODOT. All non-federal Federal entities, including ODOT’s LPA subrecipients, that have aggregate federal awards Federal award expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have a Single Audit, or program-specific audit, conducted for that year in accordance with the provisions of 2 CFR Part 200. LPAs that expend Federal and State funds in the Preliminary Engineering and/or Right of Way R/W phases of the Project PROJECT must track these payments throughout the life of the PROJECT in order to ensure an accurate Schedule of Expenditures of Federal Award (hereinafter referred to as SEFA) is prepared annually for all Applicable Federal Funds. Applicable Federal Funds are those that are identified with the various project phases of this Agreement as a subaward. Applicable Federal Funds include not only those LPA project expenditures that ODOT subsequently reimburses with Federal funds, but also those Federal funds project expenditures that are disbursed directly by ODOT upon the request of the LPA. The LPA must separately identify each ODOT PID and/or Project and the corresponding expenditures on its SEFA. LPAs are responsible for ensuring funds related to this PROJECT are reported when the activity related to the Federal award occurs.5 occurs.1 Further, the LPA may make this applicabledetermination consistent with 2 CFR §200.502 and its established accounting method to determine expenditures including accrual, modified accrual or cash basis. AccordinglyWhen project expenditures are not accurately reported on the SEFA, the fringe benefits rate applicable LPA may be required to different make corrections to and republish the SEFA to ensure Federal funds are accurately reported in the correct fiscal years throughout year. An ODOT request for the period restatement of performance a previously published SEFA will be coordinated with the Ohio Auditor of the project may fluctuate to match changes to the ODOT approved rateState. 1 Per 2 CFR §200.502