Common use of STANDARDS FOR FISCAL ACCOUNTABILITY Clause in Contracts

STANDARDS FOR FISCAL ACCOUNTABILITY. A. The Agency agrees to maintain books, records, reports and other evidence of documents, accounting procedures and practices which sufficiently and properly reflect all direct and indirect costs of any nature expended in performance of this Agreement. The Agency further agrees that the County shall have the right to monitor and audit the fiscal components of the Agency to ensure that actual expenditures remain consistent with the terms of this Agreement. The Agency shall retain all books, documents and other material relevant to this Agreement for a period of five (5) years after expiration of this Agreement. The Agency agrees that the County shall have full access to and right to examine any of said materials at all reasonable times during said period. B. The Agency shall: 1. Provide accurate, current and complete disclosure of the financial status of this Agreement as requested by the County; 2. Identify the source and application of funds for services supported by this Agreement in whole or in part. 3. Maintain internal controls that provide reasonable assurance that the Agency is managing funds received through this Agreement in compliance with laws, regulations, and the provisions of contracts or grant agreements.

STANDARDS FOR FISCAL ACCOUNTABILITY. A. The Agency agrees to maintain books, records, reports and other evidence of documents, accounting procedures and practices which sufficiently and properly reflect all direct and indirect costs of any nature expended in performance of this Agreement. The Agency further agrees that the County shall have the right to monitor and audit the fiscal components of the Agency to ensure that actual expenditures remain consistent with the terms of this Agreement. The Agency shall retain all books, documents and other material relevant to this Agreement for a period of five six (56) years after expiration of this Agreement. The Agency agrees that the County shall have full access to and right to examine any of said materials at all reasonable times during said period. B. The Agency shall: 1. Provide accurate, current and complete disclosure of the financial status of this Agreement as requested by the County; 2. Identify the source and application of funds for services supported by this Agreement in whole or in part. 3. Maintain internal controls that provide reasonable assurance that the Agency is managing funds received through this Agreement in compliance with laws, regulations, and the provisions of contracts or grant agreements.