Laserfiche WebLink
C. Administrator may not retain proRram income or Conimunity HousinQ Development <br />Oraanization ineome proceeds of any kind, ho~Nvever derived, under this contract, <br />including the retention of program income to fund other elioible HOME activities. <br />Administrator shall coinply with the requirements of 24 C.F.R. §92.503 to account for <br />program income, repayments, and recaptured funds related to activities financed in whole <br />or in part with funds provided under this contract. Administrator shall provide reports of <br />program income as requested by Department. Program income derived under this <br />contract must be submitted to De.partinent within seven (7) business days of receipt. In <br />any event, program income received from a prior HOME contract must be disbursed <br />before Administrator requests additional funds from Department and the amount of <br />requested funds should be reduced by the progran income used and noted in the request. <br />D. If Administrator is not a government entiry, Administrator sha11 maintain director or <br />officer liability insurance coverage in an amount, not less than $100,000, that is sufficient <br />to protect the interests of Department in the event an actionable act or omission by a <br />director or officer of Administrator damages the Department's interests. Administrator <br />shall provide Department with certificates of insurance evidencing Administrator's <br />current and effective insurance coverage. Administrator agrees to notify the Department <br />immediately upon receipt of notification of the termination, cancellation, expiration, or <br />modification of any required insurance coveraae or policy endorsements. Administrator <br />aarees to suspend the performance of all work performed under this contract until the <br />Administrator satisfies the required coverage requirements, obtains the required policy <br />endorsements and delivers to Department certificates of insurance evidencing that such <br />coveraae and polic~~ Pnr.~dorsem-ents are <br />from Department that the performance of work under this contract may recommence. <br />SECTION 6. RETENTION AND ACCESSIBILITY OF RECORDS <br />A. Administrator shall establish and maintain sufficient records, as specified by Department <br />and in accordance with 24 C.F.R. §92.508, including records that demonstrate that each <br />household assisted with funds provided under this contract is income eligible in <br />accordance with 24 C.F.R. §92.203. <br />B. Administrator agrees that Department, HUD, the Auditor of the State of Texas, the <br />United States General Accounting Office, the Comptroller of the United States, or any of <br />their duly authorized representatives, shall have the right to access and to examine all <br />books, accounts, records, reports, files, and other papers or property belonging to or in <br />use by Administrator pertaining to this contract. Administrator agrees to maintain such <br />records at its regular place of business. <br />C. All records pertinent to this contract shall be retained by Administrator for a period of <br />five (5) years in accordance with 24 C.F.R. §92.508(e), except: <br />1. If any litis2ation, claim, negotiation, audit, monitoring, inspection or other action <br />has started before the expiration of the required re.cord retention period records <br />must be retained until completion of the action and resolution of all issues which <br />arise from it, or until the end of the required period, whichever is later. <br />HOME Contract #7 000930 <br />Page 4 of 21 <br />