R2011-130 AUTHORIZING AMENDMENT - Laserfiche WebLink

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The City shall continue to monitor NWRAPS's compliance with the terms stated in Section IV.E. of this Agreement throughout the affordability period. Specifically, NWRAPS shall provide evidence on an annual basis that, each assisted purchaser continues to occupy his or her property as their principal residence as determined annually by the U.S. Department of Housing and Urban Development, and with all applicable property standards as stated in Section V.D. II1. ADMINISTRATIVE REQUIREMENTS A. Financial Management 1. NWRAPS shall maintain a proper accounting system as approved by HUD for HOME funds, as set forth in OMB Circular A-122 and certain provisions of 24 CFR Part 84. A separate account shall be established especially for the HOME Program funds. NWRAPS agrees to adhere to generally accepted accounting principles and procedures, utilize adequate internal controls, and maintain necessary source documentation for all costs incurred. NWRAPS agrees to identify any program income as a result of this activity. NWRAPS will retain the funds to carry out additional eligible activities (24 CFR 92.504(c)(2)(ii). 2. NWRAPS shall comply with the requirements of OMB Circular A-133 regarding audit requirements for non-profit organizations. If NWRAPS expends less than $300,000 a year in federal awards and is therefore not required to prepare an audit for that year, records must be available for review or audit by appropriate officials of HUD, the City, and the General Accounting Office. 3. Proper accounting shall be verified by an annual Financial Statement by an independent, qualified certified public accountant and submitted to the City within three months after the end of NWRAPS's fiscal year, or, if required, a Certified Audit conducted by an independent, qualified certified public accountant and submitted to the City within 6 months after the end of NWRAPS's fiscal year. Any deficiencies noted in the financial report or audit must be fully cleared by NWRAPS within 30 days after receipt by the City. Failure of NWRAPS to comply with the above accounting requirements, without City approval of a justifiable cause, will constitute a violation of this contract and may result in the withholding of future payments or future award of funds. B. Record-Keeping NWRAPS shall maintain records on all activities conducted using HOME program funds. Such records shall provide a full description of each activity undertaken; demonstrate project eligibility and approval, all projgct closeout requirements, financial and payout documentation, and such other information as deemed necessary. Records shall be maintained for at least five years after final project closeout. All records with respect to any matters covered by this agreement shall be made available to the City, grantor agency, their designees or the Federal Government, at any time during normal business hours, as often as the City or grantor agency deems necessary, to 3