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XI . Financial Management A . Grantees shall establish and maintain a system which assures effective control over and accountability for all funds used in the HOME Program, and follow the requirements of 24 CFR 85 . 20 and OMB Circular A- 122 or A- 87 , respectively . B . Grantees shall certify to the Corporation, in writing, prior to making the first drawdown of funds that the system proposed for use shall meet the following standards : 1 . Maintenance of separate accounting records and source documentation for the HOME Program; 2. Provision for accurate, current, and complete disclosure of the financial status of the Program; 3 . Establishment of records of budgets and expenditures for each approved activity; 4 . Demonstration of the sequence and status of receipts, obligations, disbursements and fund balance ; 5 . Provision of financial status reports in the form acceptable to the Corporation; 6 . Compliance with the applicable audit requirements (OMB Circular A- 133 ) , and; 7 . Consistency with generally accepted accounting principles , 24 CFR 85 . 20, and OMB Circulars A-57 or A- 87 . C . Grantees shall transfer to the Corporation any unencumbered HOME funds on hand at the time of expiration of this Agreement, and any accounts receivable attributable to the use of HOME funds, as required in 24 CFR 92 . 503 . XII . Program Income The Grantee shall retain any repayment, interest, and any other return on the investment of HOME funds to be used for additional HOME eligible activities . XIII . Monitoring and Reporting A . The Grantee shall monitor the activities of the HOME Program, including those of the contractors and subcontractors , to ensure that all program requirements are being met. The Grantee shall establish and maintain a standard procedure for internal monitoring. B . From time to time, as requested in writing by the Corporation , the Grantee shall submit such data and other information as the Corporation may require . C . Failure to report as required or respond to requests for data or information in a timely manner shall be grounds for suspension or termination of the Grant at the discretion of the Corporation . XIV . Procurement Procedures A . The Grantee shall use established procurement procedures, which reflect applicable Federal , State and local law and regulations (24 CFR 84 .40- 84 . 48 ) . B . These standards do not relieve the Grantee of any contractual responsibilities under its contracts . The Grantee is responsible, in accordance with good administrative practice and sound business judgment, for the settlement of all contractual and administrative issues arising out of procurements entered into Florida Housing Finance Corporation Page 4 (Rev. 09/05)