Common use of Project Audit Clause in Contracts

Project Audit. In accordance with 4 AAC 31.023(c)(3), the Recipient’s performance is subject to financial audit at any time. Project records shall be maintained for three (3) years after the project completion and acceptance. Within three hundred and sixty-five (365) days after certification of beneficial occupancy and/or substantial completion, the Recipient agrees to provide an auditable accounting of expenditures of the Project.

Project Audit. In accordance with 4 AAC 31.023(c)(3), the Recipient’s performance is subject to financial audit at any time. Project records shall be maintained for three (3) years after the project completion and acceptance. Within three hundred and sixty-five (365) days after certification of beneficial occupancy and/or substantial completion, the Recipient agrees to provide an auditable accounting of expenditures of the Project. If the amount of the funding is more than $300,000, the Recipient may be required to provide an independent project audit. The cost of an audit required by the State is an allowable project expense.