Common use of FINANCIAL REQUIREMENTS/AUDITS/REPORTING Clause in Contracts

FINANCIAL REQUIREMENTS/AUDITS/REPORTING. a. Contractor shall adhere to all applicable requirements set forth and defined in 24 CFR § 85.20 and 24 CFR § 84.21-28 as amended by 24 C.F.R § 570.502. b. Contractor shall be accountable to City for all funds requested by and disbursed to Contractor under this Agreement. c. Contractor shall maintain a full set of books on a double entry basis in accordance with generally accepted accounting principles (GAAP), procedures, and regulations as deemed necessary by City. Such records shall be maintained by qualified personnel and completed in a timely manner. d. Contractor shall, at all times during normal business hours and as often as City, the State of California, the U.S. Department of Housing and Urban Development (HUD), and the Comptroller General of the United States may deem necessary, make available to their representatives for examination, all of Contractor's records with respect to all matters covered by this Agreement and shall permit these representatives to audit, examine, and make excerpts or transcripts from such records, and to make audits of all documents and conditions relating to this Agreement. All costs are subject to the eligibility requirements of HUD. e. Contractor shall comply with the audit requirements contained in the Single Audit Act Amendments of 1996, revised OMB Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations," and 2 CFR 200.514 - Audit Requirements. f. Contractor shall permit and facilitate observation and inspection of Program services and records at Contractor's principal office and work site by City, its employees, auditors, representatives, and public authorities during reasonable business hours. g. Contractor shall either establish a separate bank account for all funding received from City under this Agreement or practice full fund accounting. Contractor shall not commingle the funds provided under this Agreement with any other funds, revenue, or monies. h. Authorized representatives of City shall perform fiscal monitoring of Contractor's record keeping and reporting to assure compliance with this Agreement. i. Any funds received as return of costs or as income generated from activities funded by the Agreement are the property of City and are to be transmitted to City promptly, unless there is a written agreement with City approving the use of these funds. Reimbursed costs or Program income shall be used prior to the advancement of additional funds pursuant to this Agreement and, further, shall be used for Community Development Block Grant (CDBG) program-eligible purposes. j. Contractor shall maintain all records related to the performance of this Agreement during the term of this Agreement and for a period of five (5) years after completion of all services hereunder.

FINANCIAL REQUIREMENTS/AUDITS/REPORTING. a. Contractor A. The CONTRACTOR shall adhere to all requirements as applicable requirements set forth and defined in 24 CFR § C.F.R., Part 85.20 and 24 CFR § C.F.R., 84.21-28 as amended by 24 C.F.R § 570.502. The CONTRACTOR shall ensure its own compliance with OMB Circulars X-000, X-000, 00 X. F. R., Part 570.502, and revised A-133. b. Contractor B. The CONTRACTOR shall be accountable to City the AUTHORITY for all funds requested by and disbursed released to Contractor under the CONTRACTOR pursuant to this AgreementAgreement and the disbursement thereof. c. Contractor C. The CONTRACTOR shall maintain a full set of books on a double entry basis in accordance with generally accepted accounting principles (GAAP)principles, procedures, procedures and regulations as deemed necessary by Citythe AUTHORITY. Such records shall be maintained by qualified personnel and completed done in a timely manner. d. Contractor D. The CONTRACTOR shall, at all times any time during normal business hours and as often as Citythe AUTHORITY, the City of Santa Xxxx, the State of California, the U.S. Department of Housing and Urban Development (HUD), ) and the Comptroller General of the United States may deem necessary, make available to their representatives for examination, examination all of Contractor's its records with respect to all matters covered by this Agreement and shall permit these representatives to audit, examine, examine and make excerpts or transcripts from such records, and to make audits of all documents and conditions relating to this Agreement. All costs are subject to the eligibility requirements of HUD. e. Contractor E. The CONTRACTOR shall comply with the audit requirements contained in the Single Audit Act Amendments of 1996, 1996 and revised OMB Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations,." and 2 CFR 200.514 - Audits performed outside the scope of the Single Audit RequirementsAct or OMB A-133 shall be deemed ineligible costs under this agreement. All audits performed are required to be submitted to AUTHORITY no later than 180 days after end of agreement term referenced in Section 2. f. Contractor F. The CONTRACTOR shall permit and facilitate observation and inspection of Program services the work and records at Contractor's the CONTRACTOR'S principal office and work job site by CityAUTHORITY, its employees, auditors, representatives, and public authorities during reasonable business hours. g. Contractor shall either establish G. If the CONTRACTOR receives funds from any source other than from this Agreement, a separate bank account shall be established and used for all funding monies received from City under this Agreement or CONTRACTOR shall practice full fund accounting. Contractor CONTRACTOR shall not commingle the funds provided under this Agreement with any other funds, revenue, revenue or monies, which are in the CONTRACTOR'S possession or to which the CONTRACTOR is entitled. h. H. Authorized representatives of City the AUTHORITY shall perform fiscal monitoring of Contractor's CONTRACTOR'S record keeping and reporting to assure compliance with this Agreement. i. Any funds received as return of costs or as income generated from activities funded by the Agreement are the property of City I. CONTRACTOR shall submit a “Trial Balance and are to be transmitted to City promptly, unless there is a written agreement with City approving the use of these funds. Reimbursed costs or Program income shall be used prior to the advancement of additional funds Revenue and Cost Statement” pursuant to this Agreement andGenerally Accepted Accounting Principles, furtherprepared from CONTRACTOR'S books, shall be used for Community Development Block Grant (CDBG) program-eligible purposes. j. Contractor shall maintain all records related each time the CONTRACTOR submits a reimbursement request to the performance of this Agreement during the term of this Agreement and for a period of five (5) years after completion of all services hereunder.the

FINANCIAL REQUIREMENTS/AUDITS/REPORTING. a. A. Contractor shall adhere to all applicable requirements set forth and defined in 24 CFR § 85.20 and 24 CFR § 84.21-28 as amended by 24 C.F.R § 570.502. b. B. Contractor shall be accountable to City for all funds requested by and disbursed to Contractor under this Agreement. c. C. Contractor shall maintain a full set of books on a double entry basis in accordance with generally accepted accounting principles (GAAP), procedures, and regulations as deemed necessary by City. Such records shall be maintained by qualified personnel and completed in a timely manner. d. D. Contractor shall, at all times during normal business hours and as often as City, the State of California, the U.S. Department of Housing and Urban Development (HUD), U.S. Department of the Treasury (Treasury), and the Comptroller General of the United States may deem necessary, make available to their representatives for examination, all of Contractor's records with respect to all matters covered by this Agreement and shall permit these representatives to audit, examine, and make excerpts or transcripts from such records, and to make audits of all documents and conditions relating to this Agreement. All costs are subject to the eligibility requirements of HUDHUD and Treasury. e. E. Contractor shall comply with the audit requirements contained in the Single Audit Act Amendments of 1996, revised OMB Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations," and 2 CFR 200.514 - Audit Requirements. f. F. Contractor shall permit and facilitate observation and inspection of Program services and records at Contractor's principal office and work site by City, its employees, auditors, representatives, and public authorities during reasonable business hours. g. G. Contractor shall either establish a separate bank account for all funding received from City under this Agreement or practice full fund accounting. Contractor shall not commingle the funds provided under this Agreement with any other funds, revenue, or monies. h. H. Authorized representatives of City shall perform fiscal monitoring of Contractor's record keeping and reporting to assure compliance with this Agreement. i. I. Any funds received as return of costs or as income generated from activities funded by the Agreement are the property of City and are to be transmitted to City promptly, unless there is a written agreement with City approving the use of these funds. Reimbursed costs or Program income shall be used prior to the advancement of additional funds pursuant to this Agreement and, further, shall be used for Community Development Block Grant (CDBG) and/or State and Local Fiscal Recovery Funds (SLFRF) program-eligible purposes. j. J. Contractor shall maintain all records related to the performance of this Agreement during the term of this Agreement and for a period of five (5) years after completion of all services hereunder.

FINANCIAL REQUIREMENTS/AUDITS/REPORTING. a. A. Contractor shall adhere to all applicable requirements set forth and defined in 24 CFR § 85.20 and 24 CFR § 84.21-28 as amended by 24 C.F.R § 570.502. Contractor shall ensure its own compliance with Office of Management and Budget (OMB) Circulars A-110, A-122, 24 CFR § 570.502, revised Circular A- 133, 2 CFR 200.303 - Internal Controls, and 2 CFR 200.327-328 - Performance and Financial Monitoring and Reporting. b. B. Contractor shall be accountable to City for all funds requested by and disbursed to Contractor under this Agreement. c. C. Contractor shall maintain a full set of books on a double entry basis in accordance with generally accepted accounting principles (GAAP), procedures, and regulations as deemed necessary by City. Such records shall be maintained by qualified personnel and completed in a timely manner. d. D. Contractor shall, at all times during normal business hours and as often as City, the State of California, the U.S. Department of Housing and Urban Development (HUD), and the Comptroller General of the United States may deem necessary, make available to their representatives for examination, all of Contractor's records with respect to all matters covered by this Agreement and shall permit these representatives to audit, examine, and make excerpts or transcripts from such records, and to make audits of all documents and conditions relating to this Agreement. All costs are subject to the eligibility requirements of HUD. e. E. Contractor shall comply with the audit requirements contained in the Single Audit Act Amendments of 1996, revised OMB Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations," and 2 CFR 200.514 - -Audit Requirements. Audits performed outside the scope of the Single Audit RequirementsAct or OMB A-133 shall be deemed ineligible costs under this Agreement. All audits performed are required to be submitted to City no later than 180 days after end of the Agreement term referenced in Section 2. f. F. Contractor shall permit and facilitate observation and inspection of Program services and records at Contractor's principal office and work site by City, its employees, auditors, representatives, and public authorities during reasonable business hours. g. G. Contractor shall either establish a separate bank account for all funding received from City under this Agreement or practice full fund accounting. Contractor shall not commingle the funds provided under this Agreement with any other funds, revenue, or monies. h. H. Authorized representatives of City shall perform fiscal monitoring of Contractor's record keeping and reporting to assure compliance with this Agreement. i. I. Any funds received as return of costs or as income generated from activities funded by the Agreement are the property of City and are to be transmitted to City promptly, unless there is a written agreement with City approving the use of these funds. Reimbursed costs or Program income shall be used prior to the advancement of additional funds pursuant to this Agreement and, further, shall be used for Community Development Block Grant (CDBG) HOPWA program-eligible purposes. j. J. Contractor shall maintain all records related to the performance of this Agreement during the term of this Agreement and for a period of five (5) years after completion of all services hereunder.

FINANCIAL REQUIREMENTS/AUDITS/REPORTING. a. A. Contractor shall adhere to all applicable requirements set forth and defined in 24 CFR § 85.20 and 24 CFR § 84.21-28 as amended by 24 C.F.R § 570.502. Contractor shall ensure its own compliance with Office of Management and Budget (OMB) Circulars A-110, A-122, 24 CFR § 570.502, revised Circular A- 133, 2 CFR 200.303 - Internal Controls, and 2 CFR 200.327-328 - Performance and Financial Monitoring and Reporting. b. B. Contractor shall be accountable to City for all funds requested by and disbursed to Contractor under this Agreement. c. C. Contractor shall maintain a full set of books on a double entry basis in accordance with generally accepted accounting principles (GAAP), procedures, and regulations as deemed necessary by City. Such records shall be maintained by qualified personnel and completed in a timely manner. d. D. Contractor shall, at all times during normal business hours and as often as City, the State of California, the U.S. Department of Housing and Urban Development (HUD), and the Comptroller General of the United States may deem necessary, make available to their representatives for examination, all of Contractor's records with respect to all matters covered by this Agreement and shall permit these representatives to audit, examine, and make excerpts or transcripts from such records, and to make audits of all documents and conditions relating to this Agreement. All costs are subject to the eligibility requirements of HUD. e. E. Contractor shall comply with the audit requirements contained in the Single Audit Act Amendments of 1996, revised OMB Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations," and 2 CFR 200.514 - Audit Requirements. Audits performed outside the scope of the Single Audit Act or OMB A-133 shall be deemed ineligible costs under this Agreement. All audits performed are required to be submitted to City no later than 180 days after end of the Agreement term referenced in Section 2. f. F. Contractor shall permit and facilitate observation and inspection of Program services and records at Contractor's principal office and work site by City, its employees, auditors, representatives, and public authorities during reasonable business hours. g. G. Contractor shall either establish a separate bank account for all funding received from City under this Agreement or practice full fund accounting. Contractor shall not commingle the funds provided under this Agreement with any other funds, revenue, or monies. h. H. Authorized representatives of City shall perform fiscal monitoring of Contractor's record keeping and reporting to assure compliance with this Agreement. i. I. Any funds received as return of costs or as income generated from activities funded by the Agreement are the property of City and are to be transmitted to City promptly, unless there is a written agreement with City approving the use of these funds. Reimbursed costs or Program income shall be used prior to the advancement of additional funds pursuant to this Agreement and, further, shall be used for Community Development Block Grant (CDBG) program-eligible purposes. j. J. Contractor shall maintain all records related to the performance of this Agreement during the term of this Agreement and for a period of five (5) years after completion of all services hereunder.