Common use of FINANCIAL SUMMARY Clause in Contracts

FINANCIAL SUMMARY. The Grant amount is initially calculated based on ▇▇▇▇▇▇▇’s estimate of the total Planning Costs. Agency will withhold the final payment of the estimated grant funds, up to 100 percent, until submission of the Final Report. Upon receipt of the Final Report, Agency will recalculate the Grant amount using actual Planning Costs, and Agency’s disbursement of the Grant Monies may be reduced as a result. So that Agency may calculate the disbursement, provide the following information: Promptly following completion of the project planning, the Grantee must submit an account of total Planning Costs that identifies all funding sources and includes all receipts, paid invoices, cancelled checks (if applicable), and bank loan or promissory note documentation. It should also include an itemized list of equipment and incurred Planning Costs. If they pay property taxes, Grantee must also provide proof that Grantee or owner of the Project location, if other than Grantee, is current on the property taxes for the Project’s location. If the total Planning Costs are $50,000 or more, Grantee must include an independent Certified Public Accountant’s attestation to the validity and accuracy of the account. The following guidance is intended to help Grantee comply with these requirements.