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i <br />� � ; . , <br /> of the succeeding 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 /> Rei.mbursements will only be processed if the CHDO is current with submissions of <br /> monthly reports. <br /> B. Reimbursement <br /> Reunbursements 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 Ci will a to NHDC funds available under this contract based u on <br /> h' P Y P <br /> information submitted by NHDC and consistent with any approved budget as long as they <br /> were 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 <br /> costs incurred by the City on behalf of NHDC, as long as NFIDC is given sufficient <br /> notification of and explanation for this action. <br />,'�I . <br /> III. ADMINISTRATNE REQUIREMENTS <br /> A. Financial Management. <br /> 'n s stem as a roved b HUD for HOME <br /> 1. N�IDC shall mauitain a proper accounti g y pp y <br /> funds, as set forth in ONIB Circular A-122 and certai.n provisions of 24 CFR Part 84. A <br /> separate account shall be established especially for the HOME Program funds. NfIDC <br /> agrees to adhere to gerierally accepted accounting principles and procedures, utilize <br /> adequate intemal controls, and maintain necessary source documentation for all costs <br /> 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 N�IDC's fiscal year. Any <br /> deficiencies noted in audit reports must be fully cleared by NHDC within 30 days after <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 /> B. Record-Keeping <br /> NHDC shall maintain records on all activities conducted using HOME pro�am <br /> funds. Such records shall provide a full description of each activity undertaken, <br /> 2 <br />