Common use of FINANCIAL AND PERFORMANCE AUDIT Clause in Contracts

FINANCIAL AND PERFORMANCE AUDIT. A. Unless otherwise directed by the Department, the Development Owner shall arrange for the performance of an annual financial and compliance audit of funds received and performance rendered under this Agreement subject to the following conditions and limitations: (i) The Development Owner shall have an audit made by a Third Party certified public accountant in accordance with generally accepted accounting principles auditing standards for each Fiscal Year during the term of this Agreement. (ii) Unless otherwise specifically authorized by the Department in writing, the Development Owner shall submit the complete and final audit report to the Department by the first Business Day following thirty (30) calendar days from the completion of the audit but in no event later than the first Business Day following 150 calendar days from the end of each applicable Fiscal Year. (iii) The Development Owner may utilize funds budgeted under this Agreement to pay for that portion of the cost of such audited services properly allocable to the activities funded by the Department under this Agreement, provided, however, that the Department shall not make payment for the costs of such audit services until the Department has received the complete and final audit report from the Development Owner. (iv) Audits performed under this Section 9.3A are subject to review and acceptance by the Department or its designee. All audit reports shall be made available for public inspection by the first Business Day following thirty (30) calendar days from Department approval of the audit. B. Notwithstanding Section 9.3A above, the Department reserves the right to audit funds received and performance rendered under this Agreement. The Development Owner agrees to permit the Department, its designee, the State Auditor’s Office, or HUD’s Office of the Inspector General to audit the Development Owner’s records and to obtain any documents, materials, or information necessary to facilitate such audit. C. The Development Owner shall be liable to the Department for any costs paid with TCAP Funds other than Eligible Costs or otherwise disallowed pursuant to financial and compliance audit(s) of funds received by the Development Owner under this Agreement, and the Development Owner shall reimburse the Department for any such disallowed costs.

FINANCIAL AND PERFORMANCE AUDIT. A. Unless otherwise directed by the Department, the Development Owner shall arrange for the performance of an annual financial and compliance audit of funds received and performance rendered under this Agreement subject to the following conditions and limitations: (i) The Development Owner shall have an audit made by a Third Party certified public accountant in accordance with generally accepted accounting principles auditing standards for each Fiscal Year during the term of this Agreement. (ii) Unless otherwise specifically authorized by the Department in writing, the Development Owner shall submit the complete and final audit report to the Department by the first Business Day following thirty (30) calendar days from the completion of the audit but in no event later than the first Business Day following 150 calendar days from the end of each applicable Fiscal Year. (iii) The Development Owner may utilize funds budgeted under this Agreement to pay for that portion of the cost of such audited services properly allocable to the activities funded by the Department under this Agreement, provided, however, that the Department shall not make payment for the costs of such audit services until the Department has received the complete and final audit report from the Development Owner. (iv) Audits performed under this Section 9.3A are subject to review and acceptance by the Department or its designee. All audit reports shall be made available for public inspection by the first Business Day following thirty (30) calendar days from Department approval of the audit. B. Notwithstanding Section 9.3A above, the Department reserves the right to audit funds received and performance rendered under this Agreement. The Development Owner agrees to permit the Department, its designee, the State Auditor’s Office, or HUD’s Office of the Inspector General to audit the Development Owner’s records and to obtain any documents, materials, or information necessary to facilitate such audit. C. The Development Owner shall be liable to the Department for any costs paid with TCAP Funds other than Eligible Costs or otherwise disallowed pursuant to financial and compliance audit(s) of funds received by the Development Owner under this Agreement, and the Development Owner shall reimburse the Department for any such disallowed costs.