Common use of Standards for Fiscal Accountability Clause in Contracts

Standards for Fiscal Accountability. A. The Subrecipient agrees to maintain books, records, documents, accounting procedures, and practices which accurately reflect all direct and indirect costs related to the performance of this Agreement. Such fiscal books, records, documents, reports and other data shall be retained in a manner consistent with the "Budgeting, Accounting, Reporting System for Counties and Cities, and Other Local Governments", hereinafter referred to as "BARS", as issued by the Office of State Auditor, State of Washington. The Subrecipient further agrees that the City shall have the right to monitor and audit the fiscal components of the organization to ensure that actual expenditures remain consistent with the terms of this Agreement. The Subrecipient shall retain all books, records, documents and other material relevant to the Agreement for three (3) years after settlement of this Agreement. The Subrecipient agrees that the City, the U.S. Department of Housing and Urban Development, the Washington State Auditor, or their designees, shall have full access to and right to examine any of said materials at all reasonable times during said period.