2013-148 - Laserfiche WebLink

Home Browse Search

C . The Grantee shall abide by the requirements of 24 CFR 24 .200 concerning debarment and suspension on procurement procedures. XV . Proeram Closeout A . Program Closeout is the process by which the Corporation determines that all applicable actions and all required work of the program including audit and resolution of audit findings have been completed or that there are no additional benefits likely to occur by continuation of program activities or costs. All findings from Corporation monitoring visits must be cleared prior to closeout. XVI . Termination for Convenience A . The Corporation or Grantee may terminate the grant in whole, or in part, when both parties agree that the continuation of the program would not produce beneficial results commensurate with further expenditure of funds . B . The two parties shall agree upon the termination conditions, including the effective date and in the case of partial termination, the portion to be terminated. C . If a project is terminated before its completion, an amount equal to the HOME funds disbursed for the project must be paid by the HOME recipient to its HOME Investment Trust Fund . Such Funds are due to the Corporation within 30 days of the date of project cancellation. Such funds shall be returned to HUD by the Corporation in compliance with HUD Notice CPD 9248 , issued June 9, 1992 . XVII . Suspension or Termination-for Cause A . The Corporation may suspend the grant, in whole or in part, at any time during the Grant Period, and upon reasonable notice to the Grantee, withhold further payments or prohibit the Grantee from incurring additional obligations of grant funds when it is determined that the Grantee has failed to substantially comply with the conditions of this Agreement. This will be done pending corrective action by the Grantee or a decision by the Corporation to terminate the grant. B . The Corporation, after reasonable notice following procedures pursuant to Section XVIII (A) of this Agreement, may terminate the grant, in whole or in part, at any time during the Grant Period when it is determined that the Grantee has failed to substantially comply with the conditions of this Agreement. The Corporation shall promptly notify the Grantee in writing, of the determination and the reasons for the termination, together with the effective date. XVIII . Audit Requirements A . The Grantee shall arrange for the performance of annual financial/compliance audits of the grant project. All audits must be performed by an independent qualified auditor. The audit period is identical with the Grantee's regular fiscal year. The audit(s) will be conducted in accordance with the requirements set forth in the U. S. Single Audit Act of 1984, as amended and Office of Management and Budget (OMB) Circular A- 133 , as amended. B . If the Grantee expends $500,000 or more in a year in Federal awards, the Grantee shall have a single audit or program specific audit if so elected, conducted for that year in accordance with the provisions of OMB Circular A433 , as amended. C . Grantees are required to submit one copy of the fiscal year audit report covering the program. The audit reports shall be sent to the Corporation within 30 days after the completion of the audit, but no later than one-hundred eighty ( 180) days after the end of the audit period unless agreed to by the Corporation. D. If any expenditures are disallowed as a result of the audit report, the obligation for reimbursement shall rest with the Grantee. Florida Housing Finance Corporation Page 5 (Rev. 09/06) 6748 .018(3)(a), F.A.C.