Laserfiche WebLink
III. REPORTING AND REIMBURSEMENT PROCEDURE II <br /> A. Progress Reports <br /> Heritage, Inc. shall provide the City with quarterly progress reports and financial reports <br /> until the project is completed. Quarterly reports shall be submitted to the City by the <br /> tenth(l Oth)working day of the succeeding calendar month. Quarterly reports shall <br /> include the status of the project, financial expenditures to date, any anticipated revisions <br /> to the 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 Heritage, Inc. is current with submissions of <br /> quarterly reports. <br /> B. Reimbursement <br /> Reimbursements to Heritage, Inc. will be made upon receipt by the City of Pay Requests <br /> and all supporting documentation. Supporting documentation shall include invoices <br /> and/or receipts for payment, lien waivers, and final inspection reports on any work for <br /> which City permits and inspections are required. Heritage, Inc. shall submit pay requests <br /> to the City not more than once per month. <br /> The City will pay to Heritage, Inc. funds available under this contract,based upon <br />� information submitted by Heritage, Inc. and consistent with the approved budget as long <br /> as the expenses were incurred after the Notice to Proceed was issued. Payments will be <br />� made for expenses which are eligible under 24 CFR Part 92 and which are actually <br /> incurred by Heritage, Inc., not to exceed actual cash requirements. In addition, the City <br /> reserves the right to reduce funds available under this contract for costs incurred by the <br /> City on behalf of Heritage, Inc., as long as Heritage, Inc. is given sufficient notification of <br /> and explanation for this action. Costs incurred after the expiration of this contract will <br /> not be reimbursed. <br /> N. ADMIlVISTRATIVE REQUIREMENTS <br /> A. Financial Management. <br /> 1. Heritage, Inc. shall maintain a proper financial management system to provide <br /> effective control over and accountability for all HOME funds. Heritage Inc. shall <br /> maintain a proper accounting system as approved by HUD for HOME funds. Heritage <br /> Inc. agrees to adhere to generally accepted accounting principles and procedures, utilize <br /> adequate internal controls, and maintain necessary source documentation for all costs <br /> incurred. Heritage, Inc. shall administer its program in conformance with OMB Circular <br /> A-122, "Cost Principles for Non-Profit Organizations," and applicable provisions of 24 <br /> CFR Part 84, as outlined 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 Heritage Inc.'s fiscal year. Any <br /> 2 <br />