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III. REPORTING AND REIMBURSEMENT PROCEDURE <br /> A. Progress Reports <br /> DCRM shall provide the City with monthly progress reports and financial reports until '', <br /> the project is completed. Monthly reports shall be submitted to the City by the tenth ' <br /> (lOth) working day of the succeeding calendar month. Monthly reports shall include the , <br /> status of the project, financial expenditures to date, any anticipated revisions to the �I <br /> project budget, and any other pertinent information. The City reserves the right to ' <br /> request additional information as necessary before processing reimbursement requests. I, <br /> Reimbursements will only be processed if DCRM is current with submissions of monthly ' <br /> reports. , <br /> B. Reimbursement I' <br /> Reimbursements to DCRM will be made upon receipt by the City of Pay Requests and all � <br /> supporting documentation. Supporting documentation shall include invoices and/or <br /> receipts for payment, lien waivers, and final inspection reports on any work for which <br /> City permits and inspections are required. DCRM shall submit pay requests to the City <br /> not more than once per month. <br /> The City will pay to DCRM funds available under this contract,based upon information <br /> submitted by DCRM and consistent with the approved budget as long as the expenses <br /> were incurred after the Notice to Proceed was issued. Payments will be made for <br /> expenses which are eligible under 24 CFR Part 92 and which are actually incurred by <br /> DCRM, not to exceed actual cash requirements. In addition, the City reserves the right to <br /> reduce funds available under this contract for costs incurred b the Cit on behalf of <br /> Y Y <br /> DCRM, as long as DCRM is given sufficient notification of and explanation for this , <br /> action. Costs incurred after the expiration of this contract will not be reimbursed. <br /> IV. ADMII�TISTRATNE REQUIREMENTS <br /> A. Financial Management. <br /> 1. DCRM shall maintain a proper financial management system to provide effective <br /> control over and accountability for all HOME funds. DCRM shall maintain a proper <br /> accounting system as approved by H[JD for HOME funds. DCRM agrees to adhere to <br /> generally accepted accounting principles and procedures, utilize adequate internal <br />, controls, and mamtain necessary source documentation for all costs mcurred. DCRM <br /> shall administer its program in conformance with OMB Circular A-122, "Cost Principles <br /> for Non-Profit Organizations," and applicable provisions of 24 GFR Part 84;as outlined <br /> in 24 CFR 92.505(b). <br /> 2. Proper accounting shall be verified by an annual Certified Audit conducted by an <br /> independent, qualified certified public accountant. Results of the annual audit shall be <br /> submitted to the City within 6 months after the end of DCRM's fiscal year. Any <br /> deficiencies noted in audit report which relate to the project funded under this written <br /> 2 <br />