Common use of For-Profit” Entities Clause in Contracts

For-Profit” Entities. A For‐Profit entity that expends $750,000 or more in Federal Awards (direct federal and federal pass‐through awards combined) during its fiscal year is required to have a Program‐specific audit conducted in accordance with 2 CFR 200.507. The Program‐specific audit must be completed and the reporting required by 2 CFR 200.507 must be submitted to Grantor either within (i) 30 calendar days after receipt of the auditor’s report(s) or (ii) nine months after the end of the audit period, whichever is earlier. A For‐Profit entity that expends less than $750,000 in Federal Awards during its fiscal year, but receives between $300,000 and $499,999 in Federal and State Awards combined must have a financial statement audit conducted in accordance with Generally Accepted Auditing Standards (GAAS); a For‐Profit entity that expends between $500,000 and $749,999 in Federal and State awards combined must have a financial statement audit conducted in accordance with Generally Accepted Government Auditing Standards (GAGAS). 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.

For-Profit” Entities. A For‐Profit For-Profit entity that expends $750,000 or more in Federal Awards (direct federal and federal pass‐through pass-through awards combined) during its fiscal year is required to have a Program‐specific Program-specific audit conducted in accordance with 2 CFR 200.507. The Program‐specific Program-specific audit must be completed and the reporting required by 2 CFR 200.507 must be submitted to Grantor either within (i) 30 calendar days after receipt of the auditor’s report(s) or (ii) nine months after the end of the audit period, whichever is earlier. A For‐Profit For-Profit entity that expends less than $750,000 in Federal Awards during its fiscal year, but receives between $300,000 and $499,999 in Federal and State Awards combined must have a financial statement audit conducted in accordance with Generally Accepted Auditing Standards (GAAS); a For‐Profit For-Profit entity that expends between $500,000 and $749,999 in Federal and State awards combined must have a financial statement audit conducted in accordance with Generally Accepted Government Auditing Standards (GAGAS). The For‐Profit 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.

For-Profit” Entities. A For‐Profit For-Profit entity that expends $750,000 or more in Federal Awards (direct federal and federal pass‐through pass-through awards combined) during its fiscal year is required to have a Program‐specific Program-specific audit conducted in accordance with 2 CFR 200.507. The Program‐specific Program-specific audit must be completed and the reporting required by 2 CFR 200.507 must be submitted to Grantor either within (i) 30 calendar days after receipt of the auditor’s report(s) or (ii) nine months after the end of the audit period, whichever is earlier. A For‐Profit For-Profit entity that expends less than $750,000 in Federal Awards during its fiscal year, but receives between $300,000 and $499,999 in Federal and State Awards combined must have a financial statement audit conducted in accordance with Generally Accepted Auditing Standards (GAAS); a For‐Profit For-Profit entity that expends between $500,000 and SAMPLE $749,999 in Federal and State awards combined must have a financial statement audit conducted in accordance with Generally Accepted Government Auditing Standards (GAGAS). The For‐Profit 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.