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., <br /> II. REPORTING AND REIMBURSEMENT PROCEDURE i, <br /> A. Monthly Reporting. I <br /> NHDC shall provide the City with monthly progress reports and financial reports. ! <br /> Monthly reports shall be submitted to the City by the tenth (l Oth)working day , <br /> of the succeeding calendar month. Monthly reports shall include the status of all projects ', <br /> currently underway, financial expenditures to date, any anticipated revisions to the '�, <br /> project budget, and any other pertinent information. The City reserves the right to � <br /> request additional information as necessary before processing reimbursement requests. ' <br /> Reimbursements will only be processed if NHDC is current with submissions of monthly <br /> reports. <br /> B. Reimbursement I <br /> Reimbursements to N�-IDC will be made upon receipt by the City of Pay Requests and all � <br /> supporting documentation. Supporting documentation shall include invoices or receipts <br /> � for payment, lien waivers, and final inspection reports on any work for which City <br /> permits and inspections are required. NHDC shall submit pay requests to the City at least <br /> once and not more than twice,per month. j <br /> The City will pay to NHDC funds available under this contract based upon information I <br /> submitted by NHDC and consistent with any approved budget as long as they were ', <br /> incurred after the Notice to Proceed was issued. Payments will be made for eligible �I <br /> expenses actually incurred by NHDC, and not to exceed actual cash requirements. In �I <br /> addition, the City reserves the right to reduce funds available under this contract for costs <br /> incurred by the City on behalf of NHDC, as long as NHDC is given sufficient notification <br /> of and explanation for this action. <br /> III. ADMINISTRATIVE REQUIREMENTS <br /> A. Financial Management. <br /> 1. N�IDC shall maintain a proper accounting system as approved by HUD for <br /> HOME funds, as set forth in OMB Circular A-122 and certain provisions of 24 CFR Part <br /> 84. A separate account shall be established especially for the HOME Program funds. <br /> NHDC agrees to adhere to generally accepted accounting principles and procedures, <br /> utilize adequate internal controls, and maintain necessary source documentation for all <br /> costs incurred. <br /> 2. NHDC shall comply with the requirements of OMB Circular A-133 regarding <br /> audit requirements for non-profit organizations. If NHDC expends less than$300,000 a <br /> year in federal awards and is therefore not required to prepare an audit for that year, <br /> records must be available for review or audit by appropriate officials of HUD, the City, <br /> and the General Accounting Office. <br /> 3. Proper accounting shall be verified by an annual Financial Statement prepared <br /> by an independent, qualified certified public accountant and submitted to the City within <br /> three months after the end of NHDC's fiscal year, or, if required, a Certified Audit <br /> conducted by an independent, qualified certified public accountant and submitted to the <br /> 2 <br />