Common use of Audit Provisions Clause in Contracts

Audit Provisions. a. If the Subrecipient is a state or local government or a nonprofit organization, the audit provisions as defined in 2 CFR, Part 200 Subpart F are applicable. b. If the Subrecipient is a commercial organization (for-profit), the organization will provide the Recipient with its annual audited financial statement or the annual tax return provided to the Internal Revenue Service. c. Audit provisions are not required for a Subrecipient who is an individual. d. In the event that the Subrecipient expends $1,000,000 or more in federal awards in its fiscal year, the Subrecipient must have a single or program-specific audit conducted in accordance with the 2 CFR, Part 200 Subpart F. e. If the Subrecipient expends less than $1,000,000 in federal awards in its fiscal year, an audit conducted in accordance with the provisions of 2 CFR, Part 200 Subpart F is not required. Records must be available for audit or review if necessary. f. If the Subrecipient expends less than $1,000,000 in federal awards in its fiscal year and elects to have an audit conducted, the cost of the audit must be paid from non-federal resources.

Audit Provisions. a. If the Subrecipient SUBRECIPIENT is a state or local government or a nonprofit organization, the audit provisions as defined in 2 CFR, Part 200 Subpart F are applicable. b. If the Subrecipient SUBRECIPIENT is a commercial organization (for-profitFor- Profit), the organization will provide the Recipient RECIPIENT with its annual audited financial statement or the annual tax return provided to the Internal Revenue Service. c. Audit provisions are not required for a Subrecipient SUBRECIPIENT who is an individual. d. In the event that the Subrecipient SUBRECIPIENT expends $1,000,000 750,000 or more in federal awards in its fiscal year, the Subrecipient SUBRECIPIENT must have a single or program-specific audit conducted in accordance with the 2 CFR, Part 200 Subpart F. e. If the Subrecipient SUBRECIPIENT expends less than $1,000,000 750,000 in federal awards in its fiscal year, an audit conducted in accordance with the provisions of 2 CFR, Part 200 Subpart F is not required. Records must be available for audit or review if necessary. f. If the Subrecipient SUBRECIPIENT expends less than $1,000,000 750,000 in federal awards in its fiscal year and elects to have an audit conducted, the cost of the audit must be paid from non-non- federal resources.