R91-71 AUTHORIZING SUBGRANTEE AGREEMENTS

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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 1984 , 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 �2 ,500 . 00 . The Subgrantee shall have authority to make purchases involving sums under 52 , 500 . 00 without formal bids. However, the Subgrantee shall in all cases solicit telephone or written bids and shall keep and maintain a written record of the bids ' received.