Res 2003-133 - Laserfiche WebLink

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E. This contract shall terminate six (6) months after the Date of Execution specified in Section 2 unless the Contractor has submitted to City the required documentation for Section 20, Environmental Clearance Requirements (if an environmental review is required by this contract). F. If construction is listed as a line item on Exhibit B, Budget, then this contract shall terminate twelve (12) months after the Date of Execution specified in Section 2 unless the Contractor shall submit the Not/ce of Start of Construction or a copy of Contractor's construction contract(s), if contract construction funds have not been drawn. In acquisition only projects, Contractor shall submit a copy of the executed closing statement or recorded deed. Failure to comply with the twelve (12) month rule shall cease all contract funding. SECTION 19. AUDIT A. Contractor shall arrange for the performance of an annual financial and compliance audit of funds received and ped'ormances rendered under this contract, subject to the following conditions and limitations: 1. Contractors expending $300,000 or more in Federal financial assistance for any fiscal year ending on or after June 30, 1997, shall have an audit made in accordance with Department's supplemental audit guide, the Single Audit Act Amendments of 1996, 31 U.S.C. 7507, and OMB Circular No. 133 - Revised June 30, 1997, "Audits of States, Local Governments, and Non-Profit Organizations." For purposes of this Section 19, "Federal financial assistance" means assistance provided by a Federal agency in the form of grants, contracts, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance or direct appropriations, but does not include direct federal cash assistance to individuals. The term includes awards of Federal financial assistance received directly from Federal agencies, or indirectly through other units of State and local government; 2. Notwithstanding Section 4(A)(5) and Section 4(A)(6), Contractor may utilize funds budgeted under this contract to pay for that portion of the cost of such audit services properly allocable to the activities funded by City under this contract, provided however that City shall not make payment for the cost of such audit services until City has received a satisfactory audit report, as determined by City, from Contractor; 3. Contractor shall submit a copy of the report of such audit to City within thirty (30) days afte, r the completion of the audit, but no later than nine (9) months after the end of the audit period. However, for fiscal years beginning on or before June 30, 1998, the audit shall be completed and submitted within the earlier of 30 days after receipt of the auditor's report or 13 months after the end of the audit period. Contractor shall ensure that the audit report is made available for public inspection within thirty (30) days after completion of the audit. Audits performed under Subsection A of this Section 19 are subject to review and resolution by City or its authorized representative; 4. The audit report must include verification of all expenditures by budget category including matching funds, in accordance with Exhibit B, Budget, of this contract. B. Notwithstanding Subsection A of this Section 19, Contractors expending less than $300,000 in Federal financial assistance, may arrange for the performance of an annual financial statement audit. Such audit should include verification as requested on Subsection (A)(4) of this Section 19. If an audit is not performed, then as a part of the close-out of the contract, Contract shall submit internally generated income statements and balance sheets for the Contractor's fiscal year end for 2003. C. Notwithstanding Subsection A of this Section 19, City reserves the right to conduct an annual financial and compliance audit of funds received and performances rendered under this contract. Page 9 of * TOF-PY02 Revised 11/5/02 Con[ract ~