Common use of Fiscal Requirements Clause in Contracts

Fiscal Requirements. Contractor agrees to the following requirements if a Federal Funds Subrecipient: a. Contractor agrees to use, document, and maintain accounting policies, practices and procedures, and cost allocations, and to maintain fiscal and other records pertinent to this Contract consistent with Generally Accepted Accounting Principles (GAAP), Office of Management and Budget (OMB) Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (2 CFR Chapter I, Chapter II, Part 200), Oregon Administrative Rules, County financial procedure in the Countywide Contractor’s Fiscal Policies and Procedures Manual located at: ▇▇▇▇://▇▇▇.▇▇▇▇▇▇.▇▇/finance/fiscal-compliance. Accounting records shall be up-to-date and shall accurately reflect all revenue by source, all expenses by object of expense and all assets, liabilities, and equities consistent with the Generally Accepted Accounting Principles, Oregon Administrative Rules, and County procedures. Reports and fiscal data generated by the Contractor under this Contract shall be accessible to County upon request. b. Contractor shall be subject to a County fiscal compliance review to monitor compliance with the County’s financial reporting and accounting requirements. The review shall be completed periodically, as described in the Countywide Contractor’s