Contract - Community Homebuyers Corporation Inc - Home Ownership Assistance Program

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Contract which summarizes the successes or failures of the assisted activity. Additionally, the Agency shall provide statistical data with respect to services provided or persons benefited under this Contract. (3) Non -expendable Property. (i) Inventory. The Agency shall keep inventory records, acceptable to the City, on all non -expendable property purchased under this Contract. The Agency shall submit an inventory record of all items at the end of the program year and resubmit it each program year with revisions as necessary. (ii) Insurance and Maintenance. For all non -expendable property purchased under this Contract, the Agency shall maintain sufficient insurance to cover the cost of replacement due to loss by fire, theft, or accidental damage. The Agency shall also be responsible for the maintenance and upkeep of all such property. 3. Cooperation with A eg ncy. The City shall provide all available maps, reports, and other data requested by the Agency to accomplish the services which are the subject of this Contract. The Agency shall pay for all articles so supplied. E. Audits and Reviews: 1. City_and Federal Audits. (a) Agencies with expenditures totaling $750,000 or more from all federal sources for the most recent ended fiscal year shall have a Single Audit conducted in accordance with the Single Audit Act, OMB Circular A-133 and Generally Accepted Government Auditing Standards for that fiscal year. Agencies that do not qualify for an A-133 audit shall submit a CPA Audited Financial Statement, or at a minimum a Certified Annual Financial Statement (CFA). Audited Financial Statements and CFAs will be accepted only from those agencies that can document they did not qualify for an A-133 audit. Agencies shall ensure that their independent auditors conduct the proper type of audit. A-133 Single Audits shall be submitted to the City no later than nine (9) months after the end of the agency's fiscal year; CPA Audited Financial Statements and CFAs shall be submitted no later than six (b) months after the end of the fiscal year. (b) The City ►nay make an examination of the Agency's fidelity bonding and fiscal and accounting procedures to determine whether these procedures meet the requirements of this Contract. (c) At any time during normal business hours and as often as the City, HUD and/or the Comptroller General of the United States may deem necessary, there shall be made available to the City, HUD and/or representatives of the Comptroller General for examination all of its records with respect to all matters covered by this Contract. Further, the Agency shall permit the City, HUD, and/or representatives of the Comptroller General to audit, examine and make excerpts of transcripts from such records, and to make audits of all contracts, invoices, materials, payrolls, records of personnel, conditions of employment and other data relating to all matters covered by this Contract. 2. Periodic Review. At regular intervals during the term of this Contract the City may conduct reviews of the content and progress of the Agency services. If, as a result of such review, it is the opinion of the City that revisions to the Scope of Services/Program. Description are necessary or the methods employed by the Agency are inappropriate, the City may require such revisions by notifying the Agency in writing. Upon receipt of such notification of revision, the Agency shall, within ten (10) days, propose the manner in which such revisions shall be made. CDBG Program Contract Page 3