Res 2024-155 approving funding agreements with Southside Community Center in the amount of $800,000.00 from funds received by the city under the American Rescue Plan

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b. Close out reports shall be submitted no later than 15 days following the final drawdown of SLFRF funds on forms provided by the City of San Marcos. c. Staff payroll and benefit reports and timesheets d. Financial documents,terms of agreement, and contracts upon request. e. Records of all transactions. f. Any other program information as requested by the City of San Marcos from time to time. To ensure continued compliance,the City of San Marcos and the Subrecipient will meet in a monthly formal session with at least two Subrecipient representatives present to review future projects, bid process, work process, WIP and any other business that is associated with this partnership. During this meeting,the City shall review the financial status of all projects and once reviewed, approve the documentation and process for all outstanding undertakings. 30. Close-Outs The Subrecipient's obligation to the City of San Marcos shall not end until all close-out requirements are completed. Activities during this close-out period shall include but are not limited to: a. Making final payments; b. Disposing of program assets(including the return of all unused materials, equipment, unspent cash advances, program income balances, and accounts receivable)to The City of San Marcos; and c. Determining custodianship of records. Notwithstanding the foregoing,the terms of this Contract Agreement shall remain in effect during any period that the Subrecipient has control over SLFRF funds, including program income. 31. Audit Standards Subrecipient agrees to comply with the audit standards outlined in Subpart F of 2 CFR Part 200-Audit Requirements, and to prepare an audit within two hundred seventy(270)days after the close of any fiscal year in which Subrecipient expends federal awards of at least$750,000(or such other amount as specified by the Director of the Office of Management and Budget). Audits must comply with the provisions of OMB Uniform Guidance 2 CFR Part 200, must be conducted by an independent certified public accountant("CPA"), and must include a management letter and any responses thereto and CPA-prepared financial statements. Such financial statements must include a balance sheet, operating statements, source and use of funds statement, Schedule of Expenditures of Federal Awards and sufficient supporting schedules and notes as may be necessary for the City of San Marcos to determine the financial status of Subrecipient's activities. If such audit contains material findings, Subrecipient must provide a copy of the audit,together with any comments and plans for correction,to the City of San Marcos. If such audit contains no material findings, Subrecipient is not required to submit a copy to the City of San Marcos unless otherwise required by the terms of this Contract Agreement; provided, however,that upon request Subrecipient must provide a copy of any and all audits performed during the term of this Contract Agreement to the City of San Marcos, USDT, or any designee thereof. Subrecipient acknowledges that, in the event the City of San Marcos requires an audit, SLFRF administrative funds may not be used to offset the costs associated with the audit. Subrecipient assumes full responsibility for compliance with this paragraph. 32. Financial Management System Subrecipient will establish and maintain a financial management system pursuant to 2 CFR Part 200, Subpart D that will provide for a)accurate, current, and complete disclosure of the financial results of the functions and services performed under this Contract Agreement; and b)record and identify the source and application of funds for the activities,functions and services performed pursuant to this Contract Agreement. These records will contain information pertaining to federal and state funds received, and assets, liabilities, expenditures,and income; c) effective control over and accountability for all funds,property, and other assets. Subrecipient will safeguard all such assets and will assure that they are used solely for authorized purposes as provided in this Contract Agreement; and d)accounting records that are supported by source documentation. Page 9 of 14 Initials:DV-