Common use of Independent Audit Reports Clause in Contracts

Independent Audit Reports. a. If GRANTEE expends $750,000 or more in a year in Federal funds, GRANTEE shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions. Funds may be set aside in XXXXXXX’s budget in an amount equal to City’s fair share of the GRANTEE’s cost of an A-133 independent audit, if required.

Independent Audit Reports. a. If GRANTEE expends $750,000 or more in a year in Federal funds, GRANTEE shall submit an audit report that conforms to the requirements of OMB Circular A-133 for Non-Profit Institutions. Funds may be set aside in XXXXXXXGRANTEE’s budget in an amount equal to City’s fair share of the GRANTEE’s cost of an A-133 independent audit, if required.