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and income requirement as determined annually by the U.S. Department of Housing and � <br /> Urban Development, and with all applicable property standards as stated in Section V.D. ' <br /> III. ADMINISTRATIVE REQUIREMENTS � <br /> A. Financial Managem.ent. <br /> 1. NHDC shall maintain a proper accounting system as approved by HUD for <br /> HOME funds, as set forth in ONIB 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 HIJD, 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 N�IDC's fiscal year, or, if required, a Certified Audit <br /> conducted by an independent, qualified certified public accountant and submitted to the <br /> City within 6 months after the end of NHDC's fiscal year. Any deficiencies noted in the <br /> financial report or audit must be fully cleared by NHDC within 30 days after receipt by <br /> the City. Failure of NHDC to comply with the above accounting requirements, without <br /> City approval of a justifiable cause, will constitute a violation of this contract and may <br /> result in the withholding of future payments. <br /> B. Record-Keeping <br /> N�IDC shall maintain records on all activities conducted using HOME program funds. <br /> Such records shall provide a full description of each activity undertaken, demonstrate <br /> project eligibility and approval, all project closeout requirements, financial arid payout <br /> documentation, and such other information as deemed necessary. Records shall be <br /> maintained for at least five years after final project closeout. <br /> All records with respect to any matters covered by this agreement shall be made available <br /> to the City, grantor agency, their designees or the Federal Government, at any time <br /> during normal business hours, as often as the City or grantor agency deems necessary, to <br /> audit, examine, and make excerpts or transcripts of all relevant data. <br /> N. PROJECT REQUIREMENTS <br /> A. Affordability Requirements <br /> NHDC agrees that it will adhere to the requirements stated at 24 CFR Subpart F for the <br /> use of HOME funds for rental housing. Specifically, HOME-assisted units in a rental <br /> 3 <br />