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2. AUDITS AND INSPECTIONS <br />The records and documents with respect to all matters covered by this contract shall be <br />subject at all times to inspection, review or audit by the AUTHORITY, federal or state <br />officials so authorized by law during the performance of this contract during the period of <br />retention specified in this Part III. <br />The AGENCY, regardless of the amount of funds received from the AUTHORITY, shall <br />obtain at its own expense an annual certified financial and compliance audit. <br />All audits shall be submitted to the AUTHORITY within six months of the close of the <br />AGENCY's fiscal year and shall be prepared by an independent auditor who meets the <br />independence standards specified in the General Accounting Office's yellow book, <br />"Government Auditing Standards ". <br />The AGENCY shall submit a copy of the annual financial audited statements with the <br />management compliance letter and the recipient's response to the management letter, to the <br />Director of Community Development within six months of the end of the AGENCY's <br />fiscal year. <br />3. RECORDS <br />As required by H.U.D. Regulations, 24 C.F.R. Part 570, the AGENCY shall compile and <br />maintain the following records: <br />A. Financial Management. Such records shall identify adequately the source and <br />application of funds for activities within this Agreement, in accordance with the <br />provisions of the U.S. Office of Management and Budget Circular A -102. These <br />records shall contain information pertaining to grant awards and authorizations, <br />obligations, unobligated balances, assets, liabilities, outlays, and income. <br />B. Citizen Participation. Narrative and other documentation describing the process <br />used to inform citizens concerning the amount of funds available, the ranges of <br />project activities undertaken, and opportunities to participate in funded block grant <br />projects. <br />C. Relocation. Indication of the overall status of the relocation workload and a separate <br />relocation record for each person, business, organization, and farm operation <br />displaced or in the relocation workload <br />D. Property Acquisition. AGENCY files must contain (a) invitation to owner to <br />accompany appraiser during inspection, (b) at least one property appraisal, (c) <br />statement of basis for determination of just compensation, (d) written offer of just <br />compensation, (e) all documents involving conveyance, (f) settlement cost reporting <br />statement, and (g) notice to surrender possession premises. <br />Page 22 <br />