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<br />5/05 <br /> <br />depository accounts for CDBG FUNDS; provided however, the SUB RECIPIENT must be able to <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 SUB RECIPIENT <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. SUB RECIPIENT shall provide CITY with a copy of said audit by October I of the <br />year fi)llowing the program year in which this Agreement is executed. <br />I. Record Keeping/Reporting. SUBRECIPIENT shall keep and maintain complete and <br />adequate records and reports to assist CITY in meeting and maintaining its record keeping <br />rcsponsibilities under the CDBG REGS, including the following: <br /> <br />(I) 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 requirc or as <br />requircd to be maintained pursuant to the CDBG REGS. <br /> <br />(2) Reports <br /> <br />(i) Payment Request. Concurrently with the submittal of each <br />quarterly report, on or before the 15th day of Octobcr, January, <br />April and July, SUBRECIPIENT shall submit both: an original <br />invoice and true copies of invoices, receipts, agreements, copies <br />of any and all contracts or documentation pertaining to costs for <br />subcontractors or other documentation supporting and <br /> <br />4 <br />