Agenda - Council - 04/13/2004 - 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 certain time frame, ff appropriate for the project, the length of the ownership time period and the proportion of the affordability gap to be recovered will be agreed upon by the Grantee and the Council. II. ACCOUNTING, AUDIT AND REPORT REQUIREMENTS 3.01 Accounting and Records. The Grantee agrees to establish and maintain accurate and complete accounts and records relating to the receipt and expenditure of all grant funds received from the Council. Notwithstanding the expiration and termination provisions of Paragraphs 4.01 and 4.02, such accounts and records shall be kept and maintained by the Grantee for a period of six (6) years following the completion of the project activities described in Attachment A or six (6) years following the expenditure of the grant funds, whichever occurs earlier. For all expenditures of grant funds received pursuant to this Agreement, the Grantee will keep proper financial records including invoices, contracts, receipts, vouchers and other appropriate documents sufficient 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 accounts and records of the Grantee are audited and may be audited or inspected on the Grantee's premises 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 completion of the project activities described in Attachment A or six (6) years following the expenditure 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 of the Grantee, that are relevant to this Agreement, are subject to examination by the Council and either 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 of the project activities described in Attachment A and the expenditures of the grant funds. 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 for 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 1;o 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 Minnesota Common Report Form (Attachment B). Predevelopment Grant Program Page 3 of 8 Pages