Agenda - Council - 02/24/2004 - Laserfiche WebLink

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Council under this Agreement must be returned to the Council if a purchaser sells the "affordable" home within a ~ertain time frame. If appropriate for the projectl the length of the ownership time period and the iproportion of the affordability gap to be recovered will be agreed upon by the Grantee and the iCouncil. II. ACCOUNTING, AUDIT AND REPORT REQUIREMENTS 3.01 Accounting and Records. The Grantee agrees to establish and maintain accurate and complete accouras and records relating to the receipt and expenditure of all grant funds received from the Councril.. Notwithstanding the expiration and termination provisions of Paragraphs 4.01 and 4.02, such a~cmlnts and records shall be kept and maintained by the Grantee for a period of six (6) years follo~ing the completion of the project activities described in Attachment A or six (6) years following lhe expenditure of the grant funds, whichever occurs earlier. For all expenditures of grant funds r~ived pursuant to this Agreement, the Grantee will keep proper financial records including inv0iCes, contracts, receipts, vouchers and other appropriate documents s~afficient to evidence in proper detail the nature and propriety of the expenditure. Accounting methods shall be in accordance with generally accepted accounting principles. 3.02 Audits. The above accounts and records of the Grantee shall be audited in the same manner as all other acc0Unts~ and records of the Grantee are audited and may be audited or inspected on the Grantee's prerrdses or otherwise by individuals or organizations designated and authorized by the Council at any time{ following reasonable notification to the Grantee, for a period of six (6) years following the ci0mpletion of the project activities described in Attachment A or six (6) years following the e~penditure of the grant funds, whichever occurs earlier. Pursuant to Minnesota Statutes section~ 16C.05, subdivision 5, the books, records, documents and accounting procedures and practices ofthe Grantee, that are relevant to this Agreement, are subject to examination by the Council and eitl~er the Legislative Auditor or the Sate Auditor, as appropriate, for a minimum of six (6) years. 3.03 Report Requirements. The Grantee will provide to the Council written reports which report on the status ofithe project activities described in Attachment A and the expenditures of the grant funds. (a) Interim Report. One (1) year after the Grantee initially receiVes grant funds, the Grantee shall submit to the Council a written report that shall contain at least the following elements: (1) a summary of grant funds received and expended to date, including a description of the purposes or uses fo~ which the grant funds were expended; (2) a statement of expected grant fund expenditures within the next twelve (12) months; and (3) answers to all applicable questions found on the Minnesota Common Report Form (Attachment B). This interim report is not required if~a final report will be submitted within this same one (1) year period after the Grantee initially receives grant funds. (b) Final RepOrt. The Grantee's final Written report shall be submitted to the Council within two (2) months[ following the expenditure of all grant funds by the Grantee and shall contain a certification by the Grantee's chief financial officer that all grant fUnds have been expended in accordance with this Agreement. This final report shall answer all applicable questions found on the M~nnesota Common Report Form (Attachment B). Predevelopmen~ Grant Program Page 3 of 8 Pages