Common use of Single Audit Report Clause in Contracts

Single Audit Report. a. CITY shall comply with the requirements of the Single Audit Act of 1984, P.L. 98-502, ensuring that the single audit report includes the coverage stipulated in 2 CFR 200. b. If threshold expenditures of $750,000 or more are met during the fiscal year, CITY must submit a Single Audit Report and Management Letter (if applicable) to NCTCOG. c. If expenditures of less than the threshold during CITY’s fiscal year, CITY must submit a statement to NCTCOG as follows: "We did not meet the $ expenditure threshold and therefore, are not required to have a single audit performed for FY d. For each year the project remains open for federal funding expenditures, CITY will be responsible for filing a report or statement as described above. The required annual filing shall extend throughout the life of the agreement, unless otherwise amended or the project has been formally closed out and no charges have been incurred within the current fiscal year.

Single Audit Report. a. CITY LOCAL GOVERNMENT shall comply with the requirements of the Single Audit Act of 1984, P.L. 98-502, ensuring that the single audit report includes the coverage stipulated in 2 CFR 200. b. If threshold expenditures of $750,000 or more are met during the fiscal year, CITY LOCAL GOVERNMENT must submit a Single Audit Report and Management Letter (if applicable) to NCTCOG. c. If expenditures of less than the threshold during CITY’s LOCAL GOVERNMENT’S fiscal year, CITY LOCAL GOVERNMENT must submit a statement to NCTCOG as follows: "We did not meet the $ expenditure threshold and therefore, are not required to have a single audit performed for FYFY ." d. For each year the project remains open for federal funding expenditures, CITY LOCAL GOVERNMENT will be responsible for filing a report or statement as described above. The required annual filing shall extend throughout the life of the agreement, unless otherwise amended or the project has been formally closed out and no charges have been incurred within the current fiscal year.