Audits and Financial Statements Sample Clauses
The "Audits and Financial Statements" clause establishes the requirements for a party to provide access to its financial records and statements for review or audit purposes. Typically, this clause outlines the frequency and scope of audits, specifies who may conduct them (such as independent auditors), and details the type of financial information that must be disclosed, such as annual balance sheets or profit and loss statements. Its core function is to ensure transparency and accountability between parties, allowing one party to verify the financial health or compliance of the other, thereby reducing the risk of misrepresentation or financial impropriety.
Audits and Financial Statements. A. Audits
i. HHS Single Audit Unit will notify Grantee to complete the Single Audit Determination Form. If Grantee fails to complete the form within thirty (30) calendar days after receipt of notice, Grantee will be subject to the sanctions and remedies for non-compliance with this Contract.
ii. If Grantee, within ▇▇▇▇▇▇▇’s fiscal year, expends at least SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000) in federal funds awarded, Grantee shall have a single audit or program-specific audit in accordance with 2 CFR 200. The federal threshold amount includes federal funds passed through by way of state agency awards.
iii. If Grantee, within ▇▇▇▇▇▇▇’s fiscal year, expends at least SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000) in state funds awarded, Grantee shall have a single audit or program-specific audit in accordance with UGMS, State of Texas Single Audit Circular. The audit must be conducted by an independent certified public accountant and in accordance with 2 CFR 200, Government Auditing Standards, and UGMS.
iv. For-profit Grantees whose expenditures meet or exceed the federal or state expenditure thresholds stated above shall follow the guidelines in 2 CFR 200 or UGMS, as applicable, for their program-specific audits.
v. Each Grantee that is required to obtain a single audit must competitively re-procure single audit services once every six years. Grantee shall procure audit services in compliance with this section, state procurement procedures, as well as with the provisions of UGMS.
B. Financial Statements Each Grantee that does not meet the expenditure threshold for a single audit or program- specific audit, must provide financial statements.
Audits and Financial Statements. (a) Coalition shall comply with 2 CFR part 200 Subpart F – Audits. In accordance with 2 CFR §200.510, Coalition shall prepare financial statements and a schedule of expenditures of federal awards. Coalition shall provide the City with its annual financial statement within ninety (90) days of the end of its operating year. This financial statement shall be prepared by an actively licensed public accountant.
(b) In addition, if expending more than $750,000 of Federal awards during an operating year, Coalition shall comply with the audit provisions contained in 2 CFR subpart F and the Single Audit Act Amendments of 1996 (31 U.S.C. §§7501-7507). Audits shall be conducted annually. Coalition shall submit its annual audit to the City and within one hundred twenty (120) days of the end of Coalition’s fiscal year. Coalition must clear any deficiencies noted in the audit reports within 30 days after receipt of any noted deficiencies. In the event the audit shows that the entire funds disbursed hereunder, or any portion thereof, were not expended in accordance with the conditions of this Agreement, Coalition shall be held liable for reimbursement to the City of all funds not expended in accordance with those regulations and Agreement provisions within thirty (30) days after City has notified Coalition of such non-compliance. Any reimbursement by Coalition shall not preclude the City from taking any other action or pursuing other remedies. Failure to comply with these audit requirements constitutes a violation of the Agreement and may result in the withholding of future payments. If Coalition expends less than $750,000 in federal awards during its fiscal year, they are exempt from this requirement, except as noted in 2 CFR §200.503, but records must be available for review or audit by appropriate officials of HUD, the City, or GAO.
(c) Coalition also agrees to allow the City's Internal Audit and Evaluation Department, or any of the City’s other departments or representatives, to conduct any audits or financial monitoring the City feels necessary at any time during the term of this Agreement or pursuant to any HUD request.
Audits and Financial Statements. Company shall prepare annual financial statements for the operations of Princeton II and, in its sole discretion, may cause the financial statements to be audited by a certified public accountant selected by Company. Princeton II shall cooperate fully in such audit. The cost of such audit shall be included in Clinic Expenses. If Company elects to have the financial statements audited by a certified public accountant with a big six accounting firm, the resulting audited financial statements shall be binding on Princeton II and Company. If Company elects not to have Princeton II's financial statements so audited, Princeton II shall have the option to obtain such an audit, by a certified public accountant with a mutually acceptable accounting firm. Company shall fully cooperate in such audit. The cost of such audit shall be included in Clinic Expenses. In such event, Company and Princeton II shall be bound by the resulting audited financial statements. All parties shall be entitled to copies of any information provided to or by the auditors by or to any party. Additionally, Company shall prepare monthly unaudited financial statements containing a balance sheet and statements of income from Practice Office operations, which shall be delivered to Princeton II within thirty (30) business days after the close of each calendar month.
Audits and Financial Statements. (a) As a Subrecipient of a federal award, GAECDC must comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § 200.510, GAECDC shall prepare financial statements and a schedule of expenditures of federal awards. GAECDC shall provide the City with its annual financial statement within ninety (90) days of the end of its operating year. This financial statement shall be prepared by an actively licensed public accountant.
(b) In addition, if expending $750,000 or more in Federal awards during its fiscal year, GAECDC must have a single audit in accordance with 2 CFR § 200.514 and comply with the audit provisions contained in 2 CFR 200 subpart F and the Single Audit Act Amendments of 1996 (31 U.S.C. §§ 7501-7507), unless it elects to have a program-specific audit in accordance with 2 CFR § 200.501(c). If GAECDC expends less than $750,000 in federal awards during its fiscal year, they are exempt from this single audit requirement, except as noted in 2 CFR § 200.503, but records must be available for review or audit by appropriate officials of HUD, the City, or GAO. GAECDC must certify to the City that a single audit was not required and submit an Audited Financial Statement to the City. Audits shall be conducted annually and in accordance with procurement standards at 2 CFR §§ 200.317 -200.327. The request for proposal for audit services must clearly state the objectives and scope of the audit and request a copy of the audit organization’s peer review report required under GAGAS. Factors to be considered in evaluating the proposal for audit services include the responsiveness to the request for proposal, relevant experience, availability of staff with professional qualifications and technical abilities, the results of peer and external control reviews, and price. GAECDC also must make positive efforts to utilize small businesses, minority owned firms, and women’s business enterprises in procuring audit services as stated in 2 CFR § 200.321. GAECDC must comply with the submission requirements in § 200.512. GAECDC must also submit any and all auditor’s reports related to this Agreement to the City within ten business days of receipt. A copy of the Audit Reporting Package as described in §200.512, including the associated management letter, which was conducted in accordance with 2 CFR § 200.512 must be submitted to the City. GAECDC must also electronically submit the Audit Reporting Package to the Federal Audit Clearingho...
Audits and Financial Statements. (a) As a Subrecipient of a federal award, West Lakes is obligated to comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § 200.510, West Lakes shall prepare financial statements and a schedule of expenditures of federal awards. West Lakes shall provide the City with its annual financial statement within ninety
Audits and Financial Statements. A. Audits
1. ▇▇▇▇▇▇▇ understands and agrees that Grantee is subject to any and all applicable audit requirements found in state or federal law or regulation or added by this Grant Agreement
Audits and Financial Statements. Correspondent shall furnish to Bank, as soon as available, and in any event within ninety (90) days of the end of each fiscal year, consolidated balance sheets of Correspondent and its parent InstaPay as of the end of such fiscal year and consolidated statements of income and retained earnings and statements of changes in financial position for such fiscal year, all in reasonable detail and all prepared in accordance with generally accepted accounting principles consistently applied, and reviewed by an accountant acceptable to Bank. Timely filing by InstaPay of its financials with SEC as part of its public company reporting requirements shall be considered to fulfill this requirement. If Correspondent is not a financial institution or affiliate of a financial holding company subject to an examination by regulatory authorities, Correspondent shall, at its own expense, be subject to an as needed or required by ATM Network periodic examination and audit of all its functions in connection with its switching, processing and settlement of POS Transactions for Sponsored Merchants, at such frequency as Bank deems appropriate, by independent certified public accountants satisfactory to Bank. The scope of such examination and audit shall meet such standards as may be prescribed by Bank, and the results of such examination and audit shall be made available to Bank.
Audits and Financial Statements. (a) As a Subrecipient of a federal award, Lighthouse is obligated to comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § 200.510, Lighthouse shall prepare financial statements and a schedule of expenditures of federal awards. Lighthouse shall provide the City with its annual financial statement within ninety
Audits and Financial Statements. Both PAN and Whit▇▇▇▇▇ ▇▇▇ognize the importance of obtaining certified audits of Whit▇▇▇▇▇ ▇▇▇dings, Ltd., incident to this Agreement and Plan of Business Combination. These certified audits will be prepared on a consolidated basis for the combined companies (PAN and Whit▇▇▇▇▇) ▇▇ter consummation of this business combination. The officers and directors of PAN and Whit▇▇▇▇▇ ▇▇▇ll take all necessary efforts in a diligent manner to prepare financial and accounting materials and statements as necessary to prepare for a consolidated financial statement of the combined operations so as to position the combined companies to conduct a certified audit to satisfy registration requirements of the SEC and relevant state security commissions for a future public or private offering. AGREEMENT AND PLAN OF BUSINESS COMBINATION - PAN/Whit▇▇▇▇▇ ▇▇▇e 1 of 15 2 3. Whit▇▇▇▇▇ ▇▇▇uisition of Gaming Systems - Whit▇▇▇▇▇ ▇▇▇ acquired the gaming system from United, Inc. dba United Race and Sports Book for 10,000 common shares of Whit▇▇▇▇▇. ▇▇e gaming system so acquired consists of computer hardware, computer software, expertise and proprietary systems to operate race and sports book operations, and telephone communications.
Audits and Financial Statements. Both PAN and Whit▇▇▇▇▇ ▇▇▇ognize the importance of obtaining certified audits of Whit▇▇▇▇▇ ▇▇▇dings, Ltd.. incident to this Agreement and Plan of Business Combination. These certified audits will be prepared on a consolidated basis for the combined companies (PAN and Whit▇▇▇▇▇) ▇▇ter consummation of this business combination. The officers and directors of PAN and Whit▇▇▇▇▇ ▇▇▇ll take all necessary efforts in a diligent manner to prepare financial and accounting materials and statements as necessary to prepare for a consolidated financial statement of the combined operations so as to position the combined companies to conduct a certified audit to satisfy registration requirements of the SEC and relevant state security commissions for a future public or private offering. AGREEMENT AND PLAN OF BUSINESS COMBINATION - PAN / Whit▇▇▇▇▇