Audit Requirement definition

Audit Requirement. NLR shall provide the Consultant with audited consolidated financial statements on an annual basis to be delivered to the Consultant on or before 140 days from NLR's fiscal year end (the "Annual Financial Statements") in addition to financial statements of all affiliated corporations, partnerships and joint ventures (the "Other Financial Statements").

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Audit Requirement. If an organization expends $750,000 or more in federal awards during the fiscal year a single or program-specific audit is required. • Cost Sharing/Matching – Matching funds must be for reasonable, necessary, allowable and allocable expenses. Program income cannot be used for match. • If the recipient uses subawards it must enter into a documented sub grant or subcontract and describe it in the work and financial plan. • The requirements of the applicable APHIS General Terms and Conditions must be included in the subaward agreement. • Recipients must include subaward activities in all performance and financial reports.

Audit Requirement means the requirement to undertake an audit, or ensure that an audit is undertaken, that is imposed on the Auditee by or under: the conditions of a Licence; the legislative provisions; or the instrument or code made under legislation, specified in Item 4 of Annexure A.

Examples of Audit Requirement in a sentence

• On or before the beginning date of this Agreement, SUBRECIPIENT agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to the CITY, a sample form can be obtained from the CITY.

• The Subrecipient will complete the Certification of Audit Requirement annually within 45 days after its fiscal year end.

• The Contractor shall comply with all applicable laws, ordinances, codes, regulations, and policies of local, state, and federal governments, as now or hereafter amended, including, but not limited to: Contractor shall comply with Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Award, 2 CFR 200, Subpart F – Audit Requirements.

• On or before the beginning date of this agreement, Catholic Charities agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to CITY.

• Federal Audit Requirement: Grantee is required to complete an audit annually for each fiscal year/audit period, or fraction thereof, for the entire three-year grant cycle.

• On or before the beginning date of this agreement, SAFEHOME agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to CITY.

• On or before the beginning date of this agreement, THE DISTRICT agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to CITY.

• On or before the beginning date of this agreement, The Salvation Army agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to CITY.

• On or before the beginning date of this agreement, IHN agrees to complete and submit a “Certification of Audit Requirement and Schedule of Federal Expenditures” to CITY.

• If the funds passed through to the sub recipient are the only federal funds it receives, then the sub recipient may qualify for a program-specific audit instead of a single audit On or before the beginning date of this agreement, the COUNTY agrees to complete and submit a "Certification of Audit Requirement and Schedule of Federal Expenditures" to CITY.

More Definitions of Audit Requirement

Audit Requirement. An organization that expends $750,000 or more in a fiscal year in Federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of 45 CFR Part 75. The audit period is an organization’s fiscal year. The audit must be completed along with a data collection form (SF- SAC), and the reporting package shall be submitted within the earlier of 30 days after receipt of the auditor’s report(s), or nine (9) months after the end of the audit period. The audit report must be sent to: Federal Audit Clearing House Internet Data Entry System Electronic Submission: ▇▇▇▇▇://▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇.▇▇▇/facides/(S(0vkw1zaelyzjibnahocga5i0))/account/login.aspx AND Office of Grants Services, Financial Assessment and Audit Resolution Unit Electronic Copy to: ▇▇▇.▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇.▇▇▇ be completed in English and in US dollars, and submitted within the earlier of 30 days after receipt of the auditor’s report(s), or nine (9) months after the end of the audit period. The audit report must be sent to: ▇▇▇.▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇.▇▇▇ (CDC Office of Grants Services) After receipt of the audit report, CDC will resolve findings by issuing Final Determination Letters. In accordance with 2 CFR Chapter 1, Part 170 Reporting Sub-Award And Executive Compensation Information, Prime Awardees awarded a federal grant are required to file a FFATA sub-award report by the end of the month following the month in which the prime awardee awards any sub-grant equal to or greater than $25,000. Pursuant to 45 CFR Part 75, §75.502, a grant sub-award includes the provision of any commodities (food and non- food) to the sub-recipient where the sub-recipient is required to abide by terms and conditions regarding the use or future administration of those goods. If the sub-awardee merely consumes or utilizes the goods, the commodities are not in and of themselves considered sub-awards.