Common use of SINGLE AUDIT ACT REQUIREMENTS Clause in Contracts

SINGLE AUDIT ACT REQUIREMENTS. If the Contractor is a subrecipient of federal awards as defined by Office of Management and Budget (OMB) 2 CFR 200, the Contractor shall maintain records that identify all federal funds received and expended. Such funds shall be identified by the appropriate OMB Catalog of Federal Domestic Assistance Numbers. The Contractor shall make the Contractor’s records available for review or audit by officials of the federal awarding agency, the Comptroller General of the United States, the General Accounting Office, Employment Security Department, and the Washington State Auditor’s Office. The Contractor shall incorporate OMB 2 CFR 200 audit requirements into all contracts between the Contractor and its Subcontractors who are sub-recipients. The Contractor shall comply with any future amendments to OMB 2 CFR 200 and any successor or replacement Circular or regulation. If the Contractor expends $750,000 or more in federal awards during the Contractors fiscal year, the Contractor shall procure and pay for a single or program-specific audit for that year. Upon completion of each audit, the Contractor shall submit to the Contracting Officer named in this Contract the audit report and other appropriate documentation as required in OMB 2 CFR 200.