HUD Audit Clause Samples

The HUD Audit clause establishes the right of the U.S. Department of Housing and Urban Development (HUD) or its representatives to review and examine the financial records and operations of a party involved in a HUD-funded project. In practice, this means that the party must maintain accurate and accessible records, and be prepared to provide documentation such as invoices, contracts, and financial statements upon request. The core function of this clause is to ensure transparency and accountability in the use of federal funds, helping to prevent fraud, waste, or misuse of resources.
HUD Audit. Neither the Transferor Partnership nor the Property is the subject of any pending audit by the United States Department of Housing and Urban Development ("HUD") except for the HUD audit pending as more particularly described in the HUD letters listed on Schedule 5.31 attached hereto (the "HUD Audit"). The Transferor Partnership has delivered to the BRI Partnership a true, correct and complete copy of all material correspondence submitted to and issued by HUD in connection with the HUD Audit.
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HUD Audit. The Transferor Partnership shall have obtained written confirmation from HUD that the HUD Audit has been closed as to all findings such that as of Closing, the HUD Audit shall be closed and the Transferor Partnership shall have no liability whatsoever under the HUD Audit. In the event that any condition set forth in Section 17.01(a) through Section 17.01(g) hereinabove is neither satisfied nor waived by the BRI Partnership in writing, on or before the Closing Date, the BRI Partnership shall be entitled to terminate this Agreement by written notice given to the Transferor Agent within seven (7) days after such date, and, thereafter this Agreement shall be void and without recourse to all parties hereunder except for provisions which are expressly stated to survive termination of this Agreement.
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Related to HUD Audit

  • SAO AUDIT A. The state auditor may conduct an audit or investigation of any entity receiving funds from the state directly under the Contract or indirectly through a subcontract under the Contract. The acceptance of funds directly under the Contract or indirectly through a subcontract under the Contract acts as acceptance of the authority of the state auditor, under the direction of the legislative audit committee, to conduct an audit or investigation in connection with those funds. Under the direction of the legislative audit committee, an entity that is the subject of an audit or investigation by the state auditor must provide the state auditor with access to any information the state auditor considers relevant to the investigation or audit. B. Grantee shall comply with any rules and procedures of the state auditor in the implementation and enforcement of Section 2262.154 of the Texas Government Code.

  • Field Audits The Agent has the right at any time and in its discretion to conduct field audits with respect to the Collateral and each Borrower’s Receivables, inventory, business and operations. All field audits shall be at the cost and expense of the Borrowers; it being understood and agreed that, in the absence of an Event of Default, the Borrowers’ maximum liability for field audit costs and expenses shall be limited to the reasonable costs and expenses of only two (2) field audits conducted during any twelve (12) month period (unless the Agent shall conduct a field audit pursuant to Section 1.10 of this Agreement in connection with the joinder of a new “Borrower” hereunder, in which event the Borrowers shall be liable for the costs and expenses of such field audit as well). Any and all field audits conducted following an Event of Default shall be at the Borrowers’ cost and expense, with the foregoing limitation on maximum costs and expense being inapplicable.

  • Independent Audit The Grantee shall submit, in a format specified by the department, the independent financial compliance audit prepared by an independent Certified Public Accountant for the previous fiscal year. The audit shall follow the General Grant Requirements of Sections VIII (F) and (G) and be submitted no later than March 1 of the current fiscal year.

  • PRICING/AUDIT The Contractor shall establish and maintain a reasonable accounting system, which enables ready identification of Contractor’s cost of goods and use of funds. Such accounting system shall also include adequate records and documents to justify all prices for all items invoiced as well as all charges, expenses and costs incurred in providing the goods for at least five (5) years after completion of this contract. The County or its designee shall have access to such books, records, subcontract(s), financial operations, and documents of the Contractor or its subcontractors, as required to comply with this section for the purpose of inspection or audit anytime during normal business hours at the Contractor's place of business. This right to audit shall include the Contractor’s subcontractors used to procure goods under the contract with the County. Contractor shall ensure the County has these same rights with subcontractors and suppliers.

  • Final Audit The Commission will perform a final audit of project costs. The United States Government shall reimburse the City, through the Commission, any monies due. The City shall refund any overpayments as determined by the final audit.