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5/11/10 <br />G. Separation of A ccounts. A Il f unds r eceived by S UBRECIPIENT f rom C ITY <br />pursuant t o this A greement s hall be maintained in a n a ccount in a f ederally i nsured ba nking or <br />savings and loan institution with record keeping of such accounts maintained pursuant to applicable <br />OMB C ircular A -110 r equirements. SUBRECIPIENT is n of r equired to ma intain separate <br />depository accounts for CDBG FUNDS; provided however, the SUBRECIPIENT must be able to <br />account f or r eceipt, o bligation a nd a xpenditure o f C DBG F UNDS pur suant to ap plicable O MB <br />Circular A-110 requirements. <br />H. Audit R eport Requirements. SUBRECIPIENT agrees t hat i f S UBRECIPIENT <br />receives Five Hundred Thousand Dollars ($500,000.00) or more in federal funds, SUBRECIPIENT <br />shall ha ve a n a nnual a udit c onducted by a c ertified p ublic acco untant i n acco rdance w ith t he <br />standards a s s et f orth a nd pub lished b y t he U nited S tates O ffice of Management a nd B udget. <br />SUBRECIPIENT shall provide CITY with a copy of said audit by October 1 of the year following <br />the program year in which this Agreement is executed. <br />1. Record Keeping/Reporting. SUBRECIPIENT shall keep and maintain complete and <br />adequate r ecords a nd r eports t o a ssist C ITY i n m eeting a nd m aintaining i is r ecord ke eping <br />responsibilities under the CDBG BEGS, including the following: <br />(1) Records <br />a. Documentation evidencing program income requirements in <br />conformity with 24 CFR 570.504(b((2)(i), (ii) and 24 CFR 570.503(b)(3) and 24 <br />CFR 570.208(a)(2)(B) of the income level of persons and/or families participating <br />in or benefiting by the SUBRECIPIENT program. <br />b. Documentation of the number of persons and/or families participating <br />in or benefiting by the SUBRECIPIENT program. <br />c. Household information shall include number of persons, identification <br />of head of household, race/ethnicity, and income verification. <br />d. Documentation of all CDBG FUNDS received from CITY. <br />e. Documentation of expenses as identified in the Budget Proposal, <br />including evidence of incurring the expense, invoices for goods or services, copies <br />of any and all contracts or documentation pertaining to costs for subcontractors, <br />plus all other invoices for which CDBG FUNDS were expended, and any payments <br />therefor. <br />f. Any such other related records as CITY shall reasonably require or as <br />required to be maintained pursuant to the CDBG REGS. <br />(2) Reports <br />(i) Payment Request. Concurrently with the submittal of each <br />quarterly report, on or before the 15th day of October, January,