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II. REPORTING AND REIMBURSEMENT PROCEDURE <br /> A. Monthly Reporting. <br /> NWRAPS shall provide the City with monthly progress reports and financial reports. <br /> Monthly reports shall be submitted to the City by the tenth(lOth)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 NWRAPS is current with submission of <br /> monthly reports. <br /> B. Reimbursement <br /> Reimbursements to NWRAPS will be made upon receipt by the City of Pay Requests and <br /> all supporting documentation. Supporting documentation shall include invoices or <br /> receipts for payment, lien waivers, and final inspection reports on any work for which <br /> City permits and inspections are required. NWRAPS shall submit pay requests to the <br /> City at least once, and not more than twice,per month. <br /> The City will pay to NWRAPS funds available under this contract based upon <br /> information submitted by NWRAPS and consistent with any approved budget as long as <br /> they were incurred after the Notice to Proceed was issued. Payments will be made for <br /> eligible expenses actually incurred by NWRAPS, and not to exceed actual cash <br /> requirements. In addition, the City reserves the right to reduce funds available under this <br /> contract for costs incurred by the City on behalf of NWRAPS, as long as NWRAPS is <br /> given sufficient notification of and explanation for this action. <br /> III. ADMINISTRATNE REQUIIZEMENTS <br /> A. Financial Management. <br /> 1. NWRAPS 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 /> NWRAPS 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. NWRAPS shall comply with the requirements of OMB Circular A-133 <br /> regarding audit requirements for non-profit organizations. If NWR.APS expends less than <br /> $300,000 a year in federal awards and is therefore not required to prepare an audit for <br /> that year, records must be available for review or audit by appropriate officials of HUD, <br /> the City, 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 NWRAPS' fiscal year. Any deficiencies noted in the <br /> financial reports must be fully cleared by rTWRAPS within 30 days after receipt by the <br /> 2 <br />