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+ , k , <br /> II. REPORTING AND REIMBURSEMENT PROCEDURE <br /> A. Monthly Reporting. <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 <br /> Reimbursements to NHDC 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. <br /> The City will pay to NHDC funds available under this contract based upon information <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 <br /> expenses actually incurred by NHDC, and not to exceed actual cash requirements. In <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. NHDC 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. I� <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. 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 NHDC's fiscal year. Any <br /> deficiencies noted in audit reports must be fully cleared by NHDC within 30 days a$er <br /> receipt by the City. Failure of NHDC to comply with the above audit requirements, <br /> without City approval of a justifiable cause, will constitute a violation of this contract and <br /> may result in the withholding of future payments. <br /> 2 <br />