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. � , ' • , <br /> B. Reimbursement <br /> Reimbursements to Heritage Inc. will be made upon receipt by the City of Pay <br /> Requests and all supporting documentation. Supporting documentation shall include <br /> invoices and/or receipts for payment, lien waivers, and final inspection reports on <br /> any work for which City permits and inspections are required. Heritage Inc. shall <br /> submit pay requests 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 any approved budget as long <br /> as they were incurred after the Notice to Proceed was issued. Payments will be made <br /> for eligible expenses actually incurred by Heritage Inc., 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 Heritage Inc.. <br /> III. ADMIlVISTRATIVE REQUIIZEMENTS <br /> A. Financial Management. <br /> 1. Heritage Inc. shall maintain a proper accounting system as approved by HUD for <br /> HOME funds. A separate account shall be established especially for the HOME Program <br /> funds. Heritage Inc. agrees to adhere to generally accepted accounting principles and <br /> procedures, utilize adequate internal controls, and maintain necessary source <br /> documentation for all costs incurred. Heritage, Inc. shall administer its program in <br /> conformance with OMB Circular A-122, "Cost Principles for Non-Profit <br /> Organizations," and applicable provisions of 24 CFR Part 84. <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 /> deficiencies noted in audit report which relate to the project funded under this written <br /> agreement must be fully cleared by Heritage Inc. within 30 days after receipt by the City. <br /> Failure of Heritage Inc. to comply with the above audit requirements will constitute a <br /> violation of this contract and may result in the withholding of future payments. <br /> B. Record-Keeping <br />' Heritage Inc. shall maintain records on all activities conducted using HOME program <br /> 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 /> All records with respect to any matters covered by this agreement shall be made <br /> available to the City, grantor agency, their designees or the Federal Government, at any <br /> 2 <br />