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the proj ect 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 submissions 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 <br /> this contract for costs incurred by the City on behalf of TdWR.APS, as long as NWRAPS <br /> is given sufficient notification of and explanation for this action. <br /> III. ADMII�TISTRATIVE REQUIREMENTS <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. Proper accounting shall be verified by an annual financial statement, to be <br /> submitted to the City within 60 days after the end of NWRAPS's fiscal year. Any <br /> deficiencies noted in the financial statements must be fully cleared by NWRAPS within <br /> 30 days after receipt by the City. Failure of NWRAPS to comply with the above <br /> requirements,without City approval of a justifiable cause, will constitute a violation of <br /> this contract and may result in the withholding of future payments. <br /> B. Record-Keeping <br /> NWRAPS shall maintain records on all activities conducted using HOME <br /> program funds. Such records shall provide a full description of each activity undertaken, <br /> demonstrate project eligibility and approval, all project closeout requirements, financial <br /> and payout documentation, and such other information as deemed necessary. Records <br /> shall be maintained for at least five years after final project closeout. <br /> 2 <br />