Common use of Independent Audit Reports Clause in Contracts

Independent Audit Reports. (1) If CONTRACTOR expends $750,000 or more in a year in Federal funds, CONTRACTOR shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions. Funds may be set aside in CONTRACTOR's budget in an amount equal to CITY's fair share of the CONTRACTOR's cost of an A-133 independent audit, if required.

Independent Audit Reports. (1) a. If CONTRACTOR expends $750,000 or more in a year in Federal funds, CONTRACTOR shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions. Funds may be set aside in CONTRACTOR's ’s budget in an amount equal to CITY's City’s fair share of the CONTRACTOR's ’s cost of an A-133 independent audit, if required.