[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR968.145]

[Page 509]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 968--PUBLIC HOUSING MODERNIZATION--Table of Contents
 
                           Subpart A--General
 
Sec. 968.145  Fiscal closeout.

    (a) Actual modernization cost certificate (AMCC). Upon expenditure 
by the PHA of all funds, or termination by HUD of the activities funded 
in a modernization program, a PHA shall submit the AMCC, in a form 
prescribed by HUD, to HUD for review and approval for audit. After audit 
verification, HUD shall approve the AMCC.
    (b) Audit. The audit shall follow the guidelines prescribed in 24 
CFR part 44, Non-Federal Government Audit Requirements. If the pre-audit 
or post-audit AMCC indicates that there are excess funds, a PHA shall 
immediately remit the excess funds as directed by HUD. If the pre-audit 
or post-audit AMCC discloses unauthorized or ineligible expenditures, a 
PHA shall immediately take such corrective actions as HUD may direct.

[61 FR 8741, Mar. 5, 1996]