R92-134 AUTHORIZING SUBGRANTEE AGREEMENTS FISCAL YEAR 1992-93

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-v- 2. Any person or persons responsible for the receipt , custody, and disbursement of program assets shall be covered by fidelity bond in an amount consistent with the City of Decatur ' s policy, and the coverage shall be ap- proved in writing by the Department . 3. The Subgrantee shall prepare and submit to the City Manager , City of Decatur , attention to the Division of Community Renewal , copies of all minutes of Board meet- ings; monthly and annual financial reports, including audits prepared by the agency or its accountants; and a � copy of the annual activities report , due by the 21st of each month. 4. The Subgrantee shall afford to the City of Decatur , at the City ' s discretion, the right to audit the finan- cial records of the Subgrantee in accordance with the re- quirements of the Single Audit Act of 1984, as specified in OMB Circular A-128. 5. Subgrantees receiving grants over �25,000 agree to submit to an annual compliance audit conducted by the City of Decatur ' s independent auditors in accordance with the requirements of the Single Audit Act of 19B4 , as specified in OMB Circular A-128, and shall reimburse the City for the related audit expenses, at the City ' s discretion. X . PROCUREMENT 1 . Subgrantees will comply with Chapter 10 of the Charter , the City of Decatur Purchasing Manual , the General Ordinances of the City of Decatur , Illinois, and OMB Circular A-102, Attachment O, incorporated herein by reference. 2. Subgrantees will comply with the following require- ments: Purchases under ffi2.500.00. The Subgrantee shall have authority to make purchases involving sums under �2,500.00 without formal bids. However . the Subqrantee shall in all cases solicit teleohone or written bids and shall keep and maintain a written record of the bids received . .