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representatives, access to any books, documents, papers and records of the SUB-RECIPIENT <br /> which pertain to the CLFRF funded program for monitoring, making audits, examinations, <br /> excerpts, transcripts and photocopying. <br /> XI. SUB-RECIPIENT shall be required to maintain all required records for a minimum of five (5) <br /> years afterthe SUB-RECIPIENT's final audit and program close out bythe CITY.SUB-RECIPIENT <br /> shall establish and maintain a project file that contains the following sections: <br /> 1. General project correspondence and related items. <br /> 2. Financial source documentation and associated transactional documentation. <br /> 3. Procurement procedures and associated documents. <br /> 4. Compliance with applicable State and Federal regulations. <br /> 5. Program reports. <br /> 6. Documentation of persons benefiting from grant activities, including race/ethnicity and <br /> income to substantiate achievement of the CDBG National` Objective of benefiting <br /> primarily persons of low-and moderate-income. <br /> 7. Personnel actions. <br /> 8. Acquisition and disposition of property. <br /> II. The records which, at a minimum, must be maintained,are as follows: <br /> 1. Financial Records: The SUBRECIPIENT shall; at a minimum, maintain the following <br /> records for each grant received under separate agreement from the CITY: <br /> a. Cash receipts Register: For recording of funds received in connection the grant <br /> program. <br /> b. All disbursements must be supported by appropriate documentation (e.g.: <br /> payroll records, invoices, contracts, etc.) demonstrating the nature and use of <br /> each payment and showing approval of the program director or other <br /> authorized official. In addition, the SUBRECIPIENT agrees to provide the CITY <br /> such financial reports and additional source documentation as the CITY may <br /> reasonably require and to comply with such reasonable additional financial <br /> control procedures as may be required to be retained in files maintained by the <br /> SUB-RECIPIENT. <br /> c. Payroll records:A basic time and activity tracking system shall be maintained to <br /> substantiate the services and staff time charged to the project. This should <br /> include time sheets documenting each person's total time and time charged <br /> against the grant; time sheets must be signed by both the employee and <br /> authorized supervisor of the employee. <br /> 2. Equipment Records: A record shall be maintained for each item of equipment acquired <br /> for the Program. Equipment is defined as tangible personal property (including <br /> information technology systems) which has a useful life of more than one year and a <br /> per-unit acquisition cost which equals or exceeds$500.00.The records shall include: (1) <br /> a description (including model and serial number) of the property; (2) the date of <br /> acquisition; and (3)the acquisition cost(showing the percentage of the total costs paid <br /> 5 <br />