6672c05f_A_Foreign_Agricultural_Service__Provision_Title
(a) The Cooperator shall maintain financial records, supporting documents, statistical records and all other records pertinent to the Agreement in accordance with Generally Accepted Accounting Principles formally prescribed by the United States to sufficiently substantiate charges to this Agreement. Accounting records that are supported by documentation shall at a minimum be adequate to show all costs incurred under the Agreement, receipt, and use of goods and services acquired under the Agreement, the costs of the program supplied from other sources, and the overall progress of the program. Unless otherwise notified, the Cooperator’s records and sub cooperator’s records which pertain to this Agreement shall be retained for a period of three years from the date of submission of the final expenditure report, except when a longer retention period is required by law and may be audited by FAS and/or its representatives. (b) Non-federal for-profit and non-profit organizations that expend $500,000 or more per their fiscal year in Federal awards, i.e., as Cooperators or sub cooperators of Federal grants or cooperative agreements, or as cost reimbursable subcontractors of Federal grants or cooperative agreements, shall have an annual audit conducted in accordance with the provisions of 7 CFR Part 3052. (c) Non-federal for-profit and non-profit organizations expending less than $500,000 per their fiscal year under Federal cost-reimbursable contracts, grants, cooperative agreements, or agreements shall be exempt from the above financial audit requirements for that year, but are subject to the requirement to make records available upon request for review by FAS officials or their designees. (d) FAS shall retain the right to conduct a financial review, require an audit, or otherwise ensure adequate accountability of organizations expending FAS funds regardless of the audit requirement. (e) Organizations that provide FAS resources to other organizations to carry out FAS program and activities shall be responsible for monitoring their subcontractors or sub cooperators. The cost of agreed-upon procedures to monitor sub cooperators who are exempted from A-133 under section 200(d) are allowable, subject to the conditions listed in A-133, section 230(b)(2). (f) The audit reports referenced in paragraph 2 and 5 shall be submitted to FAS within the earlier of 30 days after receipt of the auditor’s report or not later than 9 months after the end of the audit period. No audit costs may be charged to this Agreement if audits have not been made in accordance with the terms of 7 CFR Part 3052. In cases of continued inability or unwillingness to have an audit performed in accordance with the terms of 7 CFR Part 3052, FAS shall consider appropriate sanctions which may include, inter alia, suspension of all or a percentage of disbursements until the audit is satisfactorily completed. (g) This provision in its entirety shall be incorporated into all subawards with non-U.S. organizations that meet the $500,000 threshold as described at paragraph (b) of this provision. Subawards to non-U.S. organizations which are for more than $10,000 but do not meet the $500,000 threshold shall at a minimum incorporate paragraph (d) of this provision. Subawards of grants and cooperative agreements made to U.S. organizations, except for not-for-profits, shall state that the U.S. organization is subject to the audit requirements contained in OMB Circular A-133. [CR Instructions] Applies to all CRs. [Provision Title] 
Accounting, Audit, and Records
Cost Reimbursable Agreements - Administrative General Terms and Conditions | USDA Foreign Agricultural Service
Provision Title