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regulations relating thereto, SUBRECIPIENT'shall immediately make good -faith etTorts to gain compliance <br />with local, state or federal rules and regulations following written notification of said violations) from the <br />CITY or 'other authorized citing agency. SUBRECIPIENT shall notify CITY immediately of any pending <br />violations. Failure to notify CITY of pending violations, or to remedy such known violation(s) shall result in <br />termination of grunt funding hereunder. SUBRECiPIEN'T must make all corrections required to bring the <br />facility/properly into compliance with the law within sixty (60) days ofnotification or the violation(s); failure <br />togain Compliance within such time shall result in termination of grant funding hereunder, <br />G. Separation of Accounts. All funds received by SUBRECIPIENT from CITY pursuant to this <br />Agreement shall be maintained in an account in a federally insured banking or savings and loan institution <br />with record keeping of such accounts maintained pursuant to applicable 2 CFR 200.302 requirements. <br />SUBRECIPIENT is not required to maintain separate depository accounts for CDBG-CV FUNDS; provided <br />however, tine SUBRECIPIENT must be able to account for receipt, obligation and expenditure of CDBG=CV <br />FUNDS pursuant to applicable 2 CFR 200,302 requirements. <br />H. Audit Report Requirements. SUBRECIPIENT agrees that if SUBRECIPiE"NT expends <br />Seven Hundred Fifty'rhousand Dollars ($750,000) or more in federal finds, SUBRECIPIENT shall have an <br />annual audit conducted by a certified public accountant in accordance with tine standards as set forth and <br />Published by the United States Office of Management and Budget. SUBRECIPIENT shall provide CITY <br />with a copy of said audit by April I of the year following the program year in which this Agreement is <br />executed. <br />1. Record Keepin Reporting. SUBRECIPIENT shall keep and maintain complete and <br />adequate records and reports on program participants to determine their initial and continuing eligibility for <br />the program services being provided to assist CITY in meeting and maintaining its record keeping <br />responsibilities under the CDBG REDS, including the following: <br />(I) Records <br />a. Documentation evidencing program income requirements in conformity with 24 CFR <br />570,504(b)(2)(i), (ii) and 24 CFR 870.503(b)(3) and 24 CFR 570 208(a)(2)(B) of the income level <br />of persons and/or families participating in or benefiting by the SUBRECIPIETST program. <br />b. Documentation of tine number of persons and/or families participating in or benefiting <br />by the SUBRECIPIENT proaRim. <br />e. household information shall include number of persons, identification of head of <br />household. race!ethnicitr, and income verification of all household members ages 18 and over. <br />d. Documentation of all CDBG-CV FUNDS received from CITY, <br />e. Documentation of expenses as identified in the Budget Proposal, including evidence of <br />incurring the expense, invoices for goods or services, copies of any and all contracts or <br />documentation pertaining to costs for subcontractors, plus all other invoices and proof of payment for <br />which CDBG-CV FUNDS were expended, and any payments therefor. <br />f. Any such other related records as CITY shall reasonably require or as required to be <br />maintained pursuant to the CDBG KEGS. <br />4 <br />