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, � , <br /> of the suc�eeding calendar month. Monthly reports shall include the status of all <br /> projects currently underway, financial expenditures to date, any anticipated revisions to <br /> 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 TTWRAPS is current with submissions of <br /> monthly reports. <br /> B. Reimbursement <br /> Reimbursements to T1�VRAPS 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 r�VRAPS funds available under this contract based upon <br /> information submitted by NWR.APS and consistent with any approved budget-as long as i <br /> they were incurred after the Notice to Proceed was issued. Payments will be r�ade 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 NWRAPS, as long as NWRAPS <br /> is given sufficient notification of and explanation for this action. <br /> III. ADMINISTR.ATIVE REQUIREMENTS <br /> A. Financial Management. � <br /> 1. N�%VRAPS shall maintain a proper accounting system as approved by HUD for , <br /> HONIE 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 /> NVVR.APS 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 riWRAPS's fiscal year. Any <br /> deficiencies noted in audit reports must be fully cleared by NWRAPS within 30 days after <br /> receipt by the City. Failure of NWRAPS 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 /> 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 /> . 2 <br />