R2016-122 FY 2017 Transit Operating Assistance Grant Agreement with IDOT

Home Browse Search

Agreement No.4724 15.3. Financial Statement Audit. If Grantee expends less than$750,000 in Federal Awards during its fiscal year and is not subject to the audit requirements in 15.2, but receives between$300,000 and$499,999 in Federal and State Awards combined,Grantee must have a financial statement audit conducted in accordance with Generally Accepted Auditing Standards(GAAS);if Grantee expends between$500,000 and$749,999 in Federal and State awards combined,Grantee must have a financial statement audit conducted in accordance with Generally Accepted Government Auditing Standards(GAGAS). Grantee shall submit these financial statement audit reports to Grantor either within (i)30 calendar days after receipt of the auditor's report(s)or(ii) 180 calendar days after the end of the audit period,whichever is earlier. 15.4. For Profit Entities.A For-Profit entity that expends$750,000 or more in Federal Awards(direct federal and federal pass-through awards combined)during its fiscal year is required to have a Program-specific audit conducted in accordance with 2 CFR 200.507. The Program-specific audit must be completed and the reporting required by 2 CFR 200.507 must be submitted to Grantor either within(i) 30 calendar days after receipt of the auditor's report(s)or(ii)nine months after the end of the audit period,whichever is earlier.A For-Profit entity that expends less than $750,000 in Federal Awards during its fiscal year, but receives between $300,000 and $499,999 in Federal and State Awards combined must have a financial statement audit conducted in accordance with Generally Accepted Auditing Standards(GAAS);a For-Profit entity that expends between$500,000 and $749,999 in Federal and State awards combined must have a financial statement audit conducted in accordance with Generally Accepted Government Auditing Standards(GAGAS). The For-Profit entity shall submit these financial statement audit reports to Grantor either within(i)30 calendar days after receipt of the auditor's report(s) or(ii) 180 calendar days after the end of the audit period,whichever is earlier. 15.5. Performance of Audits. For those organizations required to submit an independent audit report, the audit is to be conducted by a Certified Public Accountant or Certified Public Accounting Firm licensed in the State of Illinois. For audits required to be performed subject to Generally Accepted Government Auditing Standards,Grantee shall request and maintain on file a copy of the auditor's most recent peer review report and acceptance letter. ARTICLE XVI TERMINATION;SUSPENSION 16.1. Termination. (a) This Agreement may be terminated, in whole or in part,by either Party for any or no reason upon thirty(30) days' prior written notice to the other Party. If terminated by the Grantee, Grantee must include the reasons for such termination,the effective date,and,in the case of a partial termination,the portion to be terminated. If Grantor determines in the case of a partial termination that the reduced or modified portion of the Award will not accomplish the purposes for which the Award was made,Grantor may terminate the Agreement in its entirety. 2 CFR 200.339(a)(4). (b) This Agreement may be terminated, in whole or in part,by Grantor without advance notice: (i) Pursuant to a funding failure under Paragraph 4.1; (ii) If Grantee fails to comply with the terms and conditions of this or any Award, application or proposal, including any applicable rules or regulations,or has made a false State of Illinois GRANT AGREEMENT FISCAL YEAR 2017/3 28 16 Page 18 of 46