Agmt95 County of San Mateo, You - Laserfiche WebLink

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EXHIBIT B Page B-1 METHOD AND RATE OF PAYMENT City shall be the lead agency for purposes of administration of the funds. City will advance funds to make payments as required below and will invoice the County and/or Agency as appropriate for reimbursement. County and/or Redevelopment Agency, as appropriate under this Agreement, shall reimburse City within 30 days £Tom the date of invoice. P A YMENTS. Contractor shall keep detailed and accurate records of all expenditures made and expenses incurred which are funded under this agreement. Payments of funds allocated pursuant to paragraph 1 shall be made to Contractor on a reimbursement basis as follows: (I) Contractor shall submit requests for payment to City monthly on forms provided by City's Housing Coordinator; (ii) all requests for payment shall be accompanied by receipts or other proof of expenditure. FINANCIAL STATEMENT/ANALYSIS: MONTHLY REPORTS: AUDIT. Contractor shall make available to City, or the public, upon request, a financial statement and analysis setting forth in detail the manner in which, and the specific purposes for which, the funds paid hereunder were expended to the date of such accounting. In addition to the foregoing, and in any event, Contractor shall submit to City no later than July 15, 1996, a detailed financial statement and analysis setting forth the foregoing information. Said statement and analysis may be combined with the annual narrative report submitted pursuant to paragraph 6. Contractor shall submit monthly to City's Housing Coordinator a Program analysis and progress report documenting Contractor's success in meeting the Program objectives referenced in paragraph 2. the final report shall be submitted no later than July 15, 1996. If Contractor shall fail to submit such monthly reports on a timely basis, City may withhold payment of funds hereunder until all such delinquent reports have been submitted. Contractor shall provide City with an independent audit of its activities for the term of this agreement, conducted in accordance with the Single Audit Act of 1984, OMB Circular A-II 0 Uniform Requirements for Grant and other Agreement and generally accepted auditing standards covering financial and compliance audits. Annual audits shall be forwarded to City within 30 days of completion. ANNUAL REPORT. Contractor shall submit a narrative report to city annually describing the activities funded under this agreement. Said report shall include the total number of direct beneficiaries with demographic information regarding income, household composition, ethnicity, age and other data as required by City or the United States Department of Housing and Urban Development and shall be submitted on forms provided by City's Housing Coordinator. C:\JDM\YFA-OICW.AGT Page 11 ver. 13Sep95 - . - -.. .'~-'"'-"_..,_... _.......