14-Reservation system participant to the Texas Dept of Housing

Home Browse Search

compliance audit of funds received and performances rendered under this Contract, subject to the following conditions and limitations: (i) RSP shall have an audit conducted in accordance with 24 C.F.R. §84.26 or §85.26, as applicable; OMB Circular A-133; and 31 U.S.C. 7501 for any of its fiscal years included within the contract period specified in Section 1 of this Contract in which RSP has expenses of more than $500,000 in federal financial assistance provided by a federal agency in the form of grants, contracts, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance or direct appropriations, but does not include direct federal cash assistance to individuals. The term federal financial assistance includes awards of financial assistance received directly from federal agencies, or indirectly through other units of State and local government. (ii) At the option of RSP, each audit required by this section may cover RSP's entire operations or each department, agency, or establishment of RSP which received, expended, or otherwise administered federal funds. (iii) Notwithstanding anything to the contrary in herein, RSP may utilize funds budgeted under this Contract to pay for that portion of the cost of such audit services properly allocable to the activities funded by Department under this Contract. Provided, however, Department shall not make payment for the cost of such audit services until Department has received the audit report from RSP and any other documentation deemed necessary to meet the Program Requirements. (iv) Unless otherwise specifically autharized by Department in writing, RSP shall submit two (2) copies of the report of such audit to Department within thirty (30) days after completion of the audit, but no later than nine (9) months after the end of each fiscal period included within the period of this Contract. Audits performed under this section are subject to review and to direction on resolution of findings by Department or its authorized representative. B. Notwithstanding anything in to the contrary herein, Department reserves the right to conduct an annual financial and compliance audit of funds received and performances rendered under this Contract. RSP agrees to permit Department, or its authorized representative, to audit RSP's records and to obtain any documents, materials, or information necessary to facilitate such audit. C. RSP understands and agrees that it shall be liable to Department for any costs disallowed pursuant to financial and compliance audit(s) of funds received under this Contract. RSP further understands and agrees that reimbursement to Department of such disallowed costs shall be paid by RSP from funds which were not provided or otherwise made available to RSP under this Contract. D. RSP shall take all necessary actions to facilitate the performance of such audit or audits conducted pursuant to this section as Department may require of RSP. 14 of 25 2010-0015 % °1