Res 2015-128/approving a standard form of subrecipient agreement for the award of community development block grant funds

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the Subrecipient to comply with the above audit requirements will constitute a violation of this contract and may result in the withholding of future payments. The Subrecipient hereby agrees to have an annual agency audit conducted in accordance with current City policy concerning subrecipient audits and The UAR. A. Subrecipients that expend $99899750,000 January 1, 2015 as per 2 GFR 200.110(b)) or more in total Federal financial assistance in a year must obtain an independent audit in accordance with the Single Audit Gt of 1984 and QMB Girni Iar l� 133 as refereRGe l at 24 GFR 84 .26 and 85.26. i •u v,,. i �v� v, , vv_i u„u V �vIV VII Vu1Ul " / \ " "T <T the UAR. The computation of the total of such assistance includes all Federal funds received by the entire entity, and not just the department or division receiving the CDBG funding. For purposes of determining the amount of Federal assistance expended, all Federal assistance shall be considered, including that which is received directly from a Federal agency, or passed through a state or local government, or through non - profit organizations, or any combination thereof. B. Subrecipient will furnish the City with a balance sheet and income statement (financial statement) prepared by a Certified Public Accountant ( "CPA ") for its activities during the term of the Agreement at the Subrecipient's expense. Subrecipient will provide a written copy of the financial statement to the City within nine (9) months from the date of Subrecipient's fiscal year end and not more than 30 days after the Subrecipient's receipt of the financial statement. Financial Statements required under the terms of this agreement will consist of: a. CPA preparation of financial records is not required if the Subrecipient has total assets of $15,000 or less in value; b. A compiled financial statement is required if Subrecipient has total assets greater than $15,000 and less than or equal to $100,000 in value. c. A reviewed financial statement is required if Subrecipient has total assets greater than $100,000 and less than or equal to $200,000 in value. d. An audited financial statement is required if Subrecipient has total assets of more than $200,000 in value. (In an "Audited" statement a CPA provides an in -depth study of the records, organizes them into a statement, and issues an opinion to their validity.) e. For the purposes of this agreement, the term "total assets" is defined to mean the total amount of liquid assets that is documented to be available to the Subrecipient at the time the funding is approved. C. Reporting and Payment Procedures Program Income The Subrecipient shall report all program income (as defined at 24 CFR 570.500(a)) generated by activities carried out with CDBG funds made available under this contract in the form, content, and frequency as required by the City. Fe r-mat approved 20 42015 Template Draft Page 9