Cost Justification Financial Statement definition

Cost Justification Financial Statement is defined as a written accountant's review report prepared by a Certified Public Accountant (CPA) or Public Accountant (PA) licensed by the State of New York, except as otherwise noted herein. This review report shall state that a review was performed in accordance with AICPA standards and that the information in the financial statements is the representation of management, and it describes the nature of the review as distinct from an audit. The report shall give the limited assurance that, based on the review, the CPA/PA is not aware of any material modifications that should be made to the financial statement in order for it to be in conformity with generally accepted accounting principles. Contractors who have not had a Certified Public Accountant audited report done for any purpose within two (2) years of this extension agreement commencement date shall be required to submit a certified audited statement by a Certified Public Accountant for its first cost justification statement under this extension agreement. In addition, the Certified Public Accountant or Public Accountant preparing a report or review must state EXTENSION AND SIXTH AMENDMENT OF CONTRACT FOR REGULAR EDUCATION PUPIL TRANSPORTATION SERVICES that he or she has studied the cost justification manual supplied by the Board and has applied the standards contained in the Board's manual to the development of the Cost Justification Financial Statement. In addition, the accountant must have no interest in this Contract or the Contractor and must so certify in writing. The financial statement will utilize a form prescribed by the Director as approved by the State Education Department.
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Cost Justification Financial Statement is defined as a written 'review report' prepared by a Certified Public Accountant (hereinafter expressed as 'CPA') or Public Accountant (hereinafter expressed as 'PA') licensed by the State of New York, except as otherwise noted herein. Each Cost Justification Financial Statement shall include all of the facts and figures deemed necessary by the Director and/or the SED to provide a complete view of the Contractor's cost increase claims for the applicable comparative periods specified in this Extension and Eleventh Amendment Agreement. Each such review report shall state that a review shall have been performed in accordance with Generally Accepted Accounting Principles (hereinafter expressed as 'GAAP') as of the date of a given review report and that the information in each Cost Justification Financial Statement shall have been based upon the representations of the Contractor's management. Each such review shall describe the nature of a review as distinct from an audit and shall describe the standard procedures that the CPA/PA shall have performed, e.g., an inquiry and an analytical review. Each review report shall give the limited assurance that, based upon the review, the CPA/PA shall not have been aware of any material modifications that should be made to the Cost Justification Financial Statement for it to be in conformity with GAAP. A compilation report is insufficient to qualify as a Cost Justification Statement. In addition, the CPA/PA preparing each review report must state that he/she shall have studied the cost justification manual that shall be supplied by the Board and shall have applied the standards contained in the Board's manual to the development of each Cost Justification Financial Statement. If the Contractor shall not have had a CPA-audited financial report performed for any purpose within two(2) years prior to July 1, 2000, then the Contractor must submit a certified audited statement by a CPA for its first Cost Justification Financial Statement under this Extension and Eleventh Amendment Agreement. The CPA/PA who shall prepare each Cost Justification Financial Statement must have no interest in this Contract, the Contractor and/or any entity affiliated in any manner with the Contractor and must so certify in writing. Each Cost Justification Financial Statement shall be in a form prescribed by the Director as approved by SED.
Sample 1
Cost Justification Financial Statement is defined as a written 'review report' prepared by a Certified Public Accountant (hereinafter expressed as 'CPA') or Public Accountant (hereinafter expressed as 'PA') licensed by the State of New York, except as ___________________________
Sample 1

Examples of Cost Justification Financial Statement in a sentence

  • The Contractor’s failure to submit an annual Cost Justification Financial Statement by the deadline date as above expressed will result in the forfeiture of any increase later justified for the period from the service start date to the day the statement is received at OPT, unless the Director determines that reasonable circumstances exist to excuse the Contractor’s late submittal.

  • The Contractor's failure to submit an annual Cost Justification Financial Statement by the deadline date as above expressed will result in the forfeiture of any increase later justified for the period from the service start date to the day the statement is received at the Office of Pupil Transportation, unless the Director determines that reasonable circumstances exist to excuse the Contractor's late submittal.

  • The Contractor shall supply in each annual Cost Justification Financial Statement all data required by SED related to this Contract, and the submittal shall include, but shall not limited to, SED-approved cost justification forms.

  • The Contractor's failure to submit an annual Cost Justification Financial Statement by the deadline date as above expressed will result in the forfeiture of any increase later justified for the period from the service start date to the day the statement is received at OPT, unless the Director determines that reasonable circumstances exist to excuse the Contractor's late submittal.

  • Each bond or letter of credit must insure expressly against the Contractor's inability to justify claims in each annual Cost Justification Financial Statement to the extent of all payment increases the BOE will make to the Contractor during each prospective Extension Year.

  • In addition, the CPA/PA preparing each review report must state that he/she shall have studied the cost justification manual supplied by the Board and shall have applied the standards contained in the said OAG Manual to the development of each Cost Justification Financial Statement.

  • Each Cost Justification Financial Statement shall be in a form prescribed by the Director as approved by SED.

  • Each Insurance Cost Justification Financial Statement will be subject to audit and approval by the BOE.

  • The Contractor does hereby agree and warrant further to refund all additional monies due to the BOE within thirty (30) days of the BOE’s final findings regarding any given Cost Justification Financial Statement, if the amount of a given extension year’s payment excess over allowable cost increase is greater than any payments due and owing for the balance of a given extension year.

  • The Contractor does hereby agree and warrant further to refund all additional monies due to the BOE within thirty (30) days of BOE's final findings regarding any given Cost Justification Financial Statement, if the amount of a given extension year's payment excess over allowable cost increase is greater than any payments due and owing for the balance of a given extension year.


More Definitions of Cost Justification Financial Statement

Cost Justification Financial Statement is defined as a written accountant's review report prepared by a Certified Public Accountant (CPA) or Public Accountant (PA) licensed by the State of New York, except as otherwise noted herein. This review report shall state that a review was performed in accordance with AICPA standards and that the information in the financial statements is the representation of management, and it describes the nature of the review as distinct from an audit. The report shall give the limited assurance that, based on the review, the CPA/PA is not aware of any material modifications that should be made to the financial statement in order for it to be in conformity with generally accepted accounting principles. In addition, the Certified Public Accountant or Public Accountant preparing a report or review must state that he or she has studied the cost justification manual supplied by
Sample 1

Related to Cost Justification Financial Statement

  • Financial Statement has the meaning set forth in Section 4(g) below.

  • Audited financial statement means a financial statement audited by an outside accounting firm.

  • Monthly Financial Statements is defined in Section 6.2(c).

  • Year-End Financial Statements has the meaning set forth in Section 3.06.

  • Annual Financial Statement is defined in Section 10.1(a).

  • Pro Forma Financial Statements shall have the meaning set forth in Section 5.5(b) hereof.

  • Annual Statement means the annual statutory financial statement of any Insurance Subsidiary required to be filed with the insurance commissioner (or similar authority) of its jurisdiction of incorporation, which statement shall be in the form required by such Insurance Subsidiary’s jurisdiction of incorporation or, if no specific form is so required, in the form of financial statements permitted by such insurance commissioner (or such similar authority) to be used for filing annual statutory financial statements and shall contain the type of information permitted by such insurance commissioner (or such similar authority) to be disclosed therein, together with all exhibits or schedules filed therewith.

  • Buyer Financial Statements shall have the meaning set forth in Section 4.6.

  • Closing Financial Statements has the meaning set forth in Section 6.22.

  • Audited Financial Statements means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2012, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.

  • Financial Statement Date means December 31, 1999.

  • Target Financial Statements has the meaning set forth in Section 3.4.

  • Seller Financial Statements has the meaning set forth in Section 3.5(a).

  • Quarterly Financial Statements is defined in Section 6.2(a).

  • Applicable Financial Statements means, as at any date, the most-recent audited financial statements of the Borrower delivered to the Lenders; provided that if immediately prior to the delivery to the Lenders of new audited financial statements of the Borrower a Material Adverse Change (the “Pre-existing MAC”) shall exist (regardless of when it occurred), then the “Applicable Financial Statements” as at said date means the Applicable Financial Statements in effect immediately prior to such delivery until such time as the Pre-existing MAC shall no longer exist.

  • Interim Financial Statements has the meaning set forth in Section 3.06.

  • Statutory Financial Statements means, with respect to any Party, the annual and quarterly statutory financial statements of such Party filed with the Governmental Body charged with supervision of insurance companies in the jurisdiction of domicile of such Party to the extent such Party is required by Applicable Law to prepare and file such financial statements.

  • Annual Financial Statements has the meaning set forth in Section 3.06.

  • Purchaser Financial Statements shall have the meaning specified in Section 4.8.1.

  • Current Financial Statements has the meaning given to such term in Section 5.9.

  • Most Recent Financial Statements has the meaning set forth in Section 4(g) below.

  • Audited financial report means and includes those items specified in Section 5 of this regulation.

  • Company Audited Financial Statements has the meaning set forth in Section 3.11.

  • Parent Financial Statements has the meaning set forth in Section 4.6(a).

  • Unaudited Financial Statements has the meaning set forth in Section 3.4(a).

  • Company Financial Statements has the meaning set forth in Section 3.6(a).