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ATTACHMENT F <br /> Warranties and Representations <br /> Financial Management <br /> Recipient ' s financial management system must include the following : <br /> ( 1 ) Accurate, current and complete disclosure of the financial results of this project or program . <br /> ( 2 ) Records that identify the source and use of funds for all activities . These records <br /> shall contain <br /> information pertaining to grant awards, authorizations, obligations, unobligated balances , assets, <br /> outlays , income and interest . <br /> (3 ) Effective control over and accountability for all funds, property and other assets . Recipient <br /> shall <br /> safeguard all assets and assure that they are used solely for authorized purposes . <br /> ( 4 ) Comparison of expenditures with budget amounts for each Request For Payment . Whenever <br /> appropriate, financial information should be related to performance and unit cost data. <br /> (5) Written procedures to determine whether costs are allowed and reasonable under the provisions of the <br /> applicable OMB cost principles and the terms and conditions of this Agreement. <br /> ( 6) Cost accounting records that are supported by backup documentation . <br /> Competition <br /> All procurement transactions shall be done in a manner to provide open and free competition . The Recipient shall be <br /> alert to conflicts of interest as well as noncompetitive practices among contractors that may restrict or eliminate <br /> competition or otherwise restrain trade . In order to ensure excellent contractor performance and eliminate unfair <br /> competitive advantage, contractors that develop or draft specifications , requirements , statements of work , invitations <br /> for bids and/or requests for proposals shall be excluded from competing for such procurements . Awards shall be <br /> made to the bidder or offeror whose bid or offer is responsive to the solicitation and is most advantageous <br /> to the <br /> Recipient, considering the price, quality and other factors . Solicitations shall clearly set forth all requirements that <br /> the bidder or offeror must fulfill in order for the bid or offer to be evaluated by the Recipient . Any and <br /> all bids or <br /> offers may be rejected if there is a sound , documented reason [ See 24 CFR § 85 . 36 (d )(2 )( ii ) E] . <br /> Rev . 3/23/201 1 22 <br />