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5/05 <br />account for receipt, obligation and experdture of CDBG FUNDS pursu d to applicable OMB <br />Grad ar A-110 requi rements, <br />H. Audit Report Reauirwwts SUBRECIPIENT agrees that if SUBRECIPIENT <br />receives Three Hundred Thousand Dollars ($300,000.00) or more in federal funds, <br />SUBRECI PI ENT shall have an annual audit conducted by a certified public amounted in <br />accordance with the standards as set forth and published by the United States Office of Maiagenent <br />and Budget. SUBRECI R ENT shall provide CITY with a copy of said audit by October 1 of the <br />year fol I cwi ng the program year i n which this Agreement is executed. <br />I . Record Keeping ftorting. SUBRECI PI ENT shall keep and maintain complete and <br />adequate records and reports to assist CITY in meeting and maintaining its record keeping <br />responsi bi I ities under the CDBG REGS, i nd udi ng the followi ng: <br />(1) Records <br />a Documentab on evi dead ng program i noome requi rements i n <br />conformity with 24 CFR 570.504(b((2)(i), (ii) and 24 CFR 570.503(b)(3) axi 24 <br />CFR 570.208(a)(2)(B) of the income level of persons and/or fami I ies participating <br />in or berditi ng by the SUBRECI PI ENT program. <br />b. Docunw tati on of the number of persons and/or faro I i es patio pati ng <br />i n or berdi ti ng by the SUBRECI PI ENT program. <br />c. Household i nformiation shall include number of persons, identification <br />of head of household, raoeVethni city, and i noome veri fi cation. <br />d. Documentation of all CDBG FUNDS received from CITY. <br />a Documertation of expenses as identified in the Budget Proposal, <br />i rid udi ng evidence of i nc erring the expense, i nvoi ces for goods or servi ces, copi es <br />of any and al I contracts or documentati on pertai ni ng to costs for subcontractors, <br />pl us al I other i nvoi oes for whi ch CDBG FU N DS were expended, and any payments <br />therefor. <br />f. Any such other related records as CITY shall reasonably requi re or as <br />required to be mai ntai nod pursuayt to the CDBG REGS. <br />(2) Reports <br />(i) Payment Request. Concurrently with the submittal of each <br />quarterly report, on or beforethe 15th day of October, Januay, <br />April and Judy, SUBRECI PI ENT shall submit both: at original <br />i nvoi ce and true copi es of i nvoi ces, recei p% agreements, copi es <br />Of any and al I contracts or documentati on pertai ni ng to costs for <br />subcontractors or other documentati on supporti ng and <br />evi dend ng haw the CDBG FU NDS have been expended duri ng <br />the applicable quarter. <br />4 <br />