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<br />SECTION 19. AUDIT <br /> <br />A. Unless otherwise directed by ATCOG, Contractor shall arrange for the <br />performance of an annual financial and compliance audit of funds received and <br />performances rendered under this contract, subject to the following conditions and <br />limitations: <br /> <br />1. Contractor shall have an audit made in accordance with the Single Audit <br />Act of 1984, P.L. 98-502, and OMB Circular No. 128, "Audits of State and <br />Local Governments", 50 Fed. Reg. 19114 (May 6, 1985), for any of its fiscal <br />years included within the contract period specified in Section 2 of this contract <br />in which Contractor receives more than $25,000 in Federal financial assistance. <br />For purposes of this Section 19, "Federal financial assistance" means <br />assistance provided by a Federal agency in the form of grants, contracts, loans, <br />loan guarantees, property, cooperative agreements, interest subsidies, <br />insurance or direct appropriations, but does not include direct federal cash <br />assistance to individuals. The term includes awards of Federal financial <br />assistance received directly from Federal agencies, or indirectly through other <br />units of State and local government; <br /> <br />2. At the option of contractor, each audit required by this section may <br />cover either contractor's entire operations or each department, agency, or <br />establishment of Contractor which received, expended, or otherwise <br />administered federal funds; <br /> <br />3. Notwithstanding Section 4 (a)(5) and Section 4 (a)(6), Contractor shall <br />utilize funds budgeted under this contract to pay for that portion of the cost of <br />such audit services properly allocable to the activities funded by A TCOG under <br />this contract, provided however that ATCOG shall not make payment for the <br />cost of such audit services until ATCOG has received such audit report from <br />Contractor; <br /> <br />4. Unless otherwise specifically authorized by A TCOG in writing, Contractor <br />shall submit the report of such audit to ATCOG within thirty (30) days after <br />completion of the audit, but no later than one (1) year after the end of each <br />fiscal period included within the period of this contract. Audits performed <br />under Subsection A of this Section 19 are subject to review and resolution by <br />ATCOG or its authorized representative. <br /> <br />B. Notwithstanding Subsection A of this Section 19, A TCOG reserves the right to <br />conduct an annual financial and compliance audit of funds received and performances <br />rendered under this contract. Contractor agrees to permit A TCOG or its authorized <br />representative to audit Contractor's records and to obtain any documents, materials, <br />or information necessary to facilitate such audit. <br /> <br />Page 10 <br />