Common use of Audits and Financial Statements Clause in Contracts

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 Clearinghouse either thirty (30) calendar days after receipt of the auditor’s report or nine months after the end of GAECDC’s fiscal year end date. GAECDC 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, GAECDC 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 GAECDC of such non-compliance. Any reimbursement by GAECDC 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 or reimbursements. (c) GAECDC 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. This paragraph 7 shall survive termination of this Agreement.

Audits and Financial Statements. (a) As a Subrecipient of a federal award, GAECDC must HSN is obligated to comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § 200.510, GAECDC HSN shall prepare financial statements and a schedule of expenditures of federal awards. GAECDC HSN 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 HSN 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 HSN expends less than $750,000 in federal awards during its it 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 HSN 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 HSN 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 HSN must comply with the submission requirements in § 200.512. GAECDC HSN 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 HSN must also electronically submit the Audit Reporting Package to the Federal Audit Clearinghouse either thirty (30) calendar days after receipt of the auditor’s report or nine months after the end of GAECDCHSN’s fiscal year end dateend. GAECDC HSN 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, GAECDC HSN 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 GAECDC HSN of such non-compliance. Any reimbursement by GAECDC HSN 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 or reimbursements. (c) GAECDC HSN 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. This paragraph 7 shall survive termination of this Agreement.

Audits and Financial Statements. (a) As a Subrecipient of a federal award, GAECDC must CSCCF is obligated to comply with all federal auditing requirements in 2 CFR part 200 Subpart F. In accordance with 2 CFR § 200.510, GAECDC CSCCF shall prepare financial statements and a schedule of expenditures of federal awards. GAECDC CSCCF 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 CSCCF 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 CSCCF expends less than $750,000 in federal awards during its it 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 CSCCF 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 CSCCF 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 CSCCF must comply with the submission requirements in § 200.512. GAECDC CSCCF 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 CSCCF must also electronically submit the Audit Reporting Package to the Federal Audit Clearinghouse either thirty (30) calendar days after receipt of the auditor’s report or nine months after the end of GAECDCCSCCF’s fiscal year end dateend. GAECDC CSCCF 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, GAECDC CSCCF 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 GAECDC CSCCF of such non-compliance. Any reimbursement by GAECDC CSCCF 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 or reimbursements. (c) GAECDC CSCCF 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. This paragraph 7 shall survive termination of this Agreement.