Performance and Financial Reporting. The Agency shall keep orderly and complete records of its accounts and operations. The Agency shall maintain a system of internal controls adequate to safeguard and ensure proper use of governmental and other funds that it may receive. The City shall have the right to audit these records from time to time for compliance by the Agency with the terms, conditions, obligations, and requirements of this Agreement. The City shall have full access to all records, documents, and information, whether on paper or electronic media, of the Agency necessary to perform this review. The Agency agrees to submit the performance and financial reports in form and content acceptable to the City and in accordance with the schedule set forth on Exhibit “B” attached hereto and incorporated herein by this reference. At a minimum, subject to requests for additional information, such performance reports shall include an evaluation of the Services and must indicate the amount or level of Services provided to City of Orlando residents. Moreover, the reports shall be consistent with the Services detailed herein and shall identify expenditures associated with or related to the Funds. Failure to comply with the requirement for submission of such reports in form and content shall constitute grounds for termination of this Agreement and may result in the ineligibility of the Agency to receive contributions from the City. Completion of the prior year’s reporting requirements, if any, and submission of all required annual financial statements are a prerequisite to receipt of any payment under this Agreement. 5. 501(c)3 STATUS. Agency represents and warrants to City that it has applied for and received tax exempt status from the United States Internal Revenue Service (“IRS”) as a 501(c)3 organization as evidenced by a determination letter from the IRS. A copy of the IRS letter approving Agency’s tax-exempt status shall be provided to the City prior to the distribution of any Funds to Agency. The Agency will maintain its tax-exempt status with the IRS and its status as an active entity in good standing with the State of Florida throughout the term of this Agreement. If the Agency should, during the term of this Agreement, lose its IRS tax exempt status or its active or non-profit status with the State of Florida, it will immediately notify the City, and the City reserves the right to terminate this Agreement immediately and discontinue payments to the Agency.
Appears in 3 contracts
Sources: Funding Agreement, Funding Agreement, Funding Agreement