Common use of Financial Reporting and Audit Requirements Clause in Contracts

Financial Reporting and Audit Requirements. One or more phases of this Agreement include a sub award of Federal funds to the LPA. Accordingly, the LPA must comply with the financial reporting and audit requirements of 2 CFR Part 200. All non-federal entities, including ODOT’s LPA sub recipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s fiscal year must have an LPA is eligible to invoice ODOT for and recover the 10% de minimis indirect cost rate on any project, the LPA’s time-tracking system and methods for tracking other project costs must be reviewed and approved by the ODOT Office of External Audits. A non-Federal entity that elects to charge the de minimis rate must meet the requirements in 2 CFR 200 Appendix VII Section D, Part 1, paragraph b.

Financial Reporting and Audit Requirements. One or more phases of this Agreement include a sub award of Federal funds to the LPA. Accordingly, the LPA must comply with the financial reporting and audit requirements of 2 CFR Part 200. All non-federal entities, including ODOT’s 's LPA sub recipients, that have aggregate federal awards expenditures from all sources of $750,000 or more in the non-federal entity’s 's fiscal year must have an LPA is eligible to invoice ODOT for and recover the 10% de minimis indirect cost rate on any project, the LPA’s 's time-tracking system and methods for tracking other project costs must be reviewed and approved by the ODOT Office of External Audits. A non-Federal entity that elects to charge the de minimis rate must meet the requirements in 2 CFR 200 Appendix VII Section D, Part 1, paragraph b.