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<br />C. suspend this Contract upon written notification to Administrator of the deficiency and the period <br />within which Administrator must comply; . . <br /> <br />D. accept Administrator's failure to comply or correct any deficiency within the time period set <br />forth in any written notice of suspension as evidence of Administrator's inability to perform <br />under the terms of this Contract, Administrator's intent to terminate this Contract and <br />Administrator's agreement to surrender all rights to remaining funds; <br /> <br />E. withhold further HOME awards from Administrator; <br /> <br />F. take more severe enforcement action against Administrator by taking any other remedies that <br />may be legally available to Department, as determined by Department, to assure compliance with <br />the terms of this Contract. <br /> <br />ARTICLE 18 <br />Audit <br /> <br />18.1. Unless otherwise directed by Department, Administrator shall arrange for the performance of an annual <br />financial and compliance audit of funds received and performances rendered under this Contract, subject <br />to the following conditions and limitations: <br /> <br />A. Administrator shall have an audit conducted in accordance with 24 C.F.R. part 92, 24 C.F.R. <br />parts 44 and 45, and all OMB circulars referenced therein, and 31 U.S.C. 7501 for any of its <br />fiscal years included within the Contract Period specified in Article I of this Contract in which <br />Administrator receives more than $300,000 in federal financial assistance provided by a federal <br />agency in the form of grants, contracts, loans, loan guarantees. property, cooperative agreements, <br />interest subsidies, insurance or direct appropriations, but does not include direct federal cash <br />assistance to individuals. The term federal financial assistance includes awards of financial <br />assistance received directly from federal agencies, or indirectly through other units of State and <br />local government. <br /> <br />B. At the option of Administrator, each audit required by this section may cover either <br />Administrator's entire operations or each department, agency, or establishment of Administrator <br />which received, expended, or otherwise administered federal funds. <br /> <br />C. Notwithstanding anything to the contrary in Article 3, Sections 3.1 D and 3.1 E, Administrator <br />may utilize funds budgeted under this Contract to pay for that portion of the cost of such audit <br />services properly allocable to the activities funded by Department under this Contract. Provided, <br />however, Department shall not make payment for the cost of such audit services until <br />Department has received the audit report from Administrator. <br /> <br />D. Unless otherwise specifically authorized by Department in writing, Administrator shall submit <br />the report of such audit to Department within thirty (30) days after completion of the audit, but <br />no later than one (1) year after the end of each fiscal period included within the period of this <br />Contract. Audits performed under Subsection A of this Article 18 are subject to review and to <br />direction on resolution of findings by Department or its authorized representative. <br /> <br />E. As part of its audit, Administrator shall verify expenditures according to the Budget, if any, <br />attached as Exhibit B. <br /> <br />18.2 Notwithstanding anything in Article 18.1 to the contrary, Department reserves the right to conduct an <br />annual financial and compliance audit of funds received and performances rendered under this Contract. <br /> <br />530395CityofParis.doc <br />Page 8 of 16 <br />