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<br />5/05 <br /> <br />account for receipt, obligation and expenditure of CDBG FUNDS pursuant to applicable OMB <br />Circular A-II 0 requirements. <br /> <br />H. Audit Report Requirements. SUBRECIPIENT agrees that if SUBRECIPIENT <br />receives Three Hundred Thousand Dollars ($300,000.00) or more in federal funds, <br />SUBRECIPIENT shall have an annual audit conducted by a certified public accountant in <br />accordance with the standards as set forth and published by the United States Office of Management <br />and Budget. SUBRECIPIENT shall provide CITY with a copy of said audit by October 1 of the <br />year following the program year in which this Agreement is executed. Further, SUB RECIPIENT <br />shall comply and/or cause compliance with audit report(s) required by applicable provisions of Title <br />X and the LBP Regs. <br /> <br />I. Record Keeping/Reporting. SUB RECIPIENT shall keep and maintain complete and <br />adequate records and reports to assist CITY in meeting and maintaining its record keeping <br />responsibilities under the CDBG REGS, Title X, and the LBP Regs, including the following: <br /> <br />( 1 ) Records <br />a. Documentation evidencing program income requirements in <br />conformity with 24 CFR 570.504(b((2)(i), (ii) and 24 CFR 570.503(b)(3) and 24 <br />CFR 570.208(a)(2)(B) of the income level of persons and/or families participating <br />in or benefiting by the SUB RECIPIENT program. <br /> <br />b. Documentation of the number of persons and/or families participating <br />in or benefiting by the SUB RECIPIENT program. <br /> <br />c. Household information shall include number of persons, identification <br />of head of household, race/ethnicity, and income verification. <br /> <br />d. Documentation of all CDBG FUNDS received from CITY. <br /> <br />e. Documentation of expenses as identified in the Budget Proposal, <br />including evidence of incurring the expense, invoices for goods or services, copies <br />of any and all contracts or documentation pertaining to costs for subcontractors, <br />plus all other invoices for which CDBG FUNDS were expended, and any payments <br />therefor. <br /> <br />f. Any such other related records as CITY shall reasonably require or as <br />required to be maintained pursuant to the CDBG REGS. <br /> <br />g. Documentation evidencing compliance with all applicable provisions <br />of Title X and the LBP Regs, in particular Subpart K and, as applicable Subpart J <br />and/or Subpart M. <br /> <br />(i) Specific documentation, as required, evidencing <br />compliance with all applicable provisions of such LBP Regs <br />9 <br />