Common use of Uniform Administrative Requirements and Cost Principles Clause in Contracts

Uniform Administrative Requirements and Cost Principles. As specified in 24 CFR §570.502 and §570.610, West Lakes must comply with the provisions of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements set forth in 2 CFR part 200 and adopted by HUD at 2 CFR part 2400, except as modified by 24 CFR §570.502. Although 2 CFR part 200 addresses many requirements, some of the items it addresses includes, but is not limited to, standards for financial and program management, property and procurement standards, performance and financial monitoring and reporting, subrecipient monitoring and management, record retention and access, remedies for noncompliance, FFATA, and closeout. West Lakes is aware and acknowledges that 2 CFR part 200 and 2 CFR part 2400 are recent regulatory changes to the administrative requirements and HUD is in the process of developing guidance on their specific requirements. Although this may change the administrative requirements set forth herein, West Lakes will comply with whatever guidance HUD requires. Costs incurred must be in conformance with 2 CFR part 200, subpart ▇. ▇▇▇▇ Lakes also agrees to adhere to the accounting principles and procedures required therein, utilize adequate internal controls, maintain necessary source documentation for all costs incurred, and submit an indirect cost allocation plan in accordance with 2 CFR 200 subpart E, if such plan is required. West Lakes also agrees to comply with the Program Requirements set forth in Exhibit “G” which is attached hereto and incorporated herein by this reference.