Common use of Cooperation with Monitoring, Audits and Records Requirements Clause in Contracts

Cooperation with Monitoring, Audits and Records Requirements. 9.01 All records and expenditures are subject to, and TOWN agrees to comply with, monitoring and/or audits conducted by the United States Department of the Treasury’s Inspector General, other federal agencies or offices, or the County Auditor or his designee. TOWN shall maintain under GAAP or GASB, adequate records that ensure proper accounting for all costs and performances related to the Grant Agreement. 9.02 If TOWN expends $750,000 or more in federal funds in a fiscal year, it may be subject to Single/Audit Requirements in 2 CFR, Part 200, Subpart F – Audit Requirements, at ▇▇▇▇▇://▇▇▇.▇▇▇▇.▇▇▇/cgi-bin/text-idx?tpl=/ecfrbrowse/Title02/0cfr200_main_02.tpl, and subject to the requirements in the Texas Single Audit Circular, at ▇▇▇▇▇://▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇.▇▇▇/purchasing/docs/ugms.pdf. The audit must be completed and the data collection and reporting package described in 2 CFR 200.512 must be submitted to the Federal Audit Clearinghouse (FAC) within 30 calendar days after receipt of the auditor’s report(s), or nine months after the end of the audit period, whichever is earlier. 9.03 If any audit, monitoring, investigations, review of awards, or other compliance review reveals any discrepancies, inadequacies, or deficiencies which are necessary to correct in order to maintain compliance with this Grant Agreement, the CARES Act, United States Department of Treasury Guidelines applicable to CARES funding, other applicable laws, regulations, or TOWN’s obligations hereunder, TOWN agrees to correct such discrepancies or inadequacies within thirty (30) calendar days after TOWN’s receipt of the findings. 9.04 TOWN shall maintain appropriate records for the periods required by law to provide accountability for all expenditures of grant funds, reporting measures, and funds received from COUNTY under this Grant Agreement. Records maintained by TOWN to permit an audit of its accounting systems and payment verification with respect to the expenditure of any funds awarded under this Grant Agreement.

Cooperation with Monitoring, Audits and Records Requirements. 9.01 All records and expenditures are subject to, and TOWN VILLAGE agrees to comply with, monitoring and/or audits conducted by the United States Department of the Treasury’s Inspector General, other federal agencies or offices, or the County Auditor or his designee. TOWN VILLAGE shall maintain under GAAP or GASB, adequate records that ensure proper accounting for all costs and performances related to the Grant Agreement. 9.02 If TOWN VILLAGE expends $750,000 or more in federal funds in a fiscal year, it may be subject to Single/Audit Requirements in 2 CFR, Part 200, Subpart F – Audit Requirements, at ▇▇▇▇▇://▇▇▇.▇▇▇▇.▇▇▇/cgi-bin/text-idx?tpl=/ecfrbrowse/Title02/0cfr200_main_02.tpl, and subject to the requirements in the Texas Single Audit Circular, at ▇▇▇▇▇://▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇.▇▇▇/purchasing/docs/ugms.pdf. The audit must be completed and the data collection and reporting package described in 2 CFR 200.512 must be submitted to the Federal Audit Clearinghouse (FAC) within 30 calendar days after receipt of the auditor’s report(s), or nine months after the end of the audit period, whichever is earlier. 9.03 If any audit, monitoring, investigations, review of awards, or other compliance review reveals any discrepancies, inadequacies, or deficiencies which are necessary to correct in order to maintain compliance with this Grant Agreement, the CARES Act, United States Department of Treasury Guidelines applicable to CARES funding, other applicable laws, regulations, or TOWNVILLAGE’s obligations hereunder, TOWN VILLAGE agrees to correct such discrepancies or inadequacies within thirty (30) calendar days after TOWNVILLAGE’s receipt of the findings. 9.04 TOWN VILLAGE shall maintain appropriate records for the periods required by law to provide accountability for all expenditures of grant funds, reporting measures, and funds received from COUNTY under this Grant Agreement. Records maintained by TOWN VILLAGE to permit an audit of its accounting systems and payment verification with respect to the expenditure of any funds awarded under this Grant Agreement.