Common use of Financial Statement Audit Clause in Contracts

Financial Statement Audit. If Grantee expends less than $750,000 in Federal Awards during its fiscal year and is not subject to the audit requirements in 15.2, but receives between $300,000 and $499,999 in Federal and State Awards combined, Grantee must have a financial statement audit conducted in accordance with Generally Accepted Auditing Standards(GAAS); if Grantee expends between $500,000 and $749,999 in Federal and State awards combined, Grantee must have a financial statement audit conducted in accordance with Generally Accepted Government Auditing Standards (GAGAS). Grantee shall submit these financial statement audit reports to Grantor either within (i) 30 calendar days after receipt of the auditor’s report(s) or (ii) 180 calendar days after the end of the audit period, whichever is earlier.

Financial Statement Audit. If If, during its fiscal year, Grantee expends less than $750,000 in Federal Awards during its fiscal year and is not subject to the audit requirements in 15.2year, but receives between $300,000 and $499,999 in Federal and State Awards combined, Grantee must have a financial statement statementfollow all of the audit conducted conductedrequirements in accordance with Generally Accepted Auditing Standards(GAASStandards (GAAS); if Grantee a For-Profit entity that expends between $500,000 and $749,999 in Federal and State awards combined, Grantee combined must have a financial statement audit conducted in accordance with Generally Accepted Government Auditing Standards (GAGAS). Grantee The For-Profit entity shall submit these financial statement audit reports to Grantor either within (i) 30 calendar days after receipt of the auditor’s report(s) or (ii) 180 calendar days after the end of the audit period, whichever is earlier.Paragraphs 15.2(c)(i)-(iii), above.