15.1.8.090 Audits, Fiscal Accountability, and Reports
(a) Accounting System. The Authority shall establish and maintain a functioning accounting system that is operated in accordance with generally accepted accounting principles.
(b) Annual Audit. If required by law, the Authority shall have its financial statements audited annually by an independent auditor. The Authority shall provide to the Council a copy of its audited financial statements within ten days of its completion.
(c) Housing Proposals and Programs. Before undertaking any Housing project or program whose projected cost is expected to exceed $250,000, the Authority shall submit a proposal to the Council for approval and appear before the Council to explain the advantages and disadvantages to the Pueblo of the proposal. The proposal must contain the following information:
(1) nature, scope, and projected cost of the project or program;
(2) amount, type, and sources of financial assistance, including any financial contributions required from the Authority;
(3) evidence of financial condition (e.g., audited financial statements) of any third party providing financial assistance to the project or program;
(4) evidence of experience of any third party in any state, federal, or tribal housing projects or programs, including any suspensions, debarments, or penalties imposed by any state, federal, or tribal agency;
(5) cost-benefit analysis of the proposed project or program;
(6) schedule or timeline and budget for the project or program;
(7) collateral or other security to be provided by the Authority;
(8) terms and conditions of any proposed contractual obligations of the Authority in connection with the project or program, including any potential legal consequences flowing from a breach of material terms and conditions by the Authority, and any potential for any third party to assume control or ownership of the project or program as a result of a breach by the Authority; and
(9) financial benefits and other benefits of the project or program to the Authority, Pueblo community, and Tribal Members.
(d) Debt Obligations. Thirty (30) days before issuing any Obligation, the Authority shall provide to the Council a description of the Obligation's purpose, amount, repayment schedule, required collateral, and anticipated source of repayment.
(e) Financial Reports. Each month, the Executive Director shall submit to the Council a summary report of the Authority's finances. Each quarter, the Executive Director shall submit to the Council the following quarterly financial reports concerning the Authority:
(1) budget variance;
(2) statement of cash flows;
(3) income statement; and
(4) balance sheet.
(f) Fidelity bonds. The Board shall obtain adequate fidelity bond insurance for its officers, agents or employees who handle cash or who are authorized to sign checks or certify vouchers on behalf of the Authority.
(1) For each fiscal year, the Board shall submit an annual performance report and other reports to HUD as required by federal law. The Authority shall submit to the Governor and the Council a copy of any report submitted to HUD.
(2) For each fiscal year, the Authority shall submit a written report to the Council showing:
(A) a summary of the Authority's activities;
(B) the financial condition of the Authority;
(C) the condition of all Housing under the Authority's management;
(D) the number of units and vacancies in any Housing project;
(E) any significant problems and accomplishments of the Authority;
(F) any plans for future Housing;
(G) the number of Tribal Members and non-tribal members living in any Housing project or program; and
(H) any other information that the Board or the Council shall deem pertinent.
(h) Indian Housing Plans. The Board shall, on behalf of the Pueblo, prepare and submit to HUD an Indian housing plan as required by federal law without the prior review of the housing plan by the Council; however, the Board shall submit a copy of the housing plan to the Council.