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for all articles so supplied.
<br />E. Audits and Reviews:
<br />1. (a) Daly ,andd,,,(„', „al„ xmia1,,,,mA,9„ ,„t .Agencies with expenditures totaling $750,000 or more from all federal
<br />sources for the most recent ended fiscal year shall have a Single Audit conducted in accordance with the
<br />Single Audit Act, 2 CFR 200, and Generally Accepted Government Auditing Standards for that fiscal
<br />year. Agencies that do not qualify for a Single Audit shall submit a CPA Audited Financial Statement,
<br />or at a minimum a Certified Annual Financial Statement (CFA). Audited Financial Statements and CFAs
<br />will be accepted only from those agencies that can document they did not qualify for a Single Audit.
<br />Agencies shall ensure that their independent auditors conduct the proper type of audit. Single Audits
<br />shall be submitted to the City no later than nine (9) months after the end of the agency's fiscal year; CPA
<br />Audited Financial Statements and CFAs shall be submitted no later than six (6) months after the end of
<br />the fiscal year.
<br />(b) The City may make an examination of the Agency's fidelity bonding and fiscal and accounting
<br />procedures to determine whether these procedures meet the requirements of this Contract.
<br />(c) At any time during normal business hours and as often as the City, HUD and/or the Comptroller
<br />General of the United States may deem necessary, there shall be made available to the City, HUD
<br />and/or representatives of the Comptroller General for examination all of its records with respect to
<br />all matters covered by this Contract. Further, the Agency shall permit the City, HUD, and/or
<br />representatives of the Comptroller General to audit, examine and make excerpts of transcripts from
<br />such records, and to make audits of all contracts, invoices, materials, payrolls, records of personnel,
<br />conditions of employment and other data relating to all matters covered by this Contract.
<br />2. Periodic Revi. At regular intervals during the term of this Contract the City may conduct reviews of
<br />the content and progress of the Agency services. If, as a result of such review, it is the opinion of the
<br />City that revisions to the Scope of Services/Program Description are necessary or the methods employed
<br />by the Agency are inappropriate, the City may require such revisions by notifying the Agency in writing.
<br />Upon receipt of such notification of revision, the Agency shall, within ten (10) days, propose the manner
<br />in which such revisions shall be made. The proposed revisions shall be subject to the City's written
<br />approval and amendment to this Contract.
<br />F. Termination.
<br />1. mm mBy giving five (5) working days written notice specifying the effective date, the City may terminate this
<br />Contract in whole or in part for cause, which shall include:
<br />(a) failure, for any reason, of the Agency to fulfill in a timely and proper manner its obligations under
<br />this Contract, including compliance with the approved program and Contract conditions, and such
<br />statutes, executive orders, and HUD directives as may become applicable at any time;
<br />(b) submission by the Agency to the City of reports that are incorrect or incomplete in any material
<br />respect;
<br />(c) ineffective or improper use of funds provided under this Contract;
<br />(d) failure of the Agency to supply the City with monthly reports and data necessary to the continuing
<br />planning process of the City; or
<br />(e) suspension or termination by HUD of the grant to the City under which this Contract is made, or the
<br />portion of it delegated by this Contract; provided, however, that if the grant is merely reduced and
<br />in the absence of any contrary HUD directive, the Agency may readjust its budget and recommend
<br />Contract amendments to the City.
<br />2. The City may also terminate, assign or transfer this Contract when required by HUD direction.
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