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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 Thrce 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 sct forth and publishcd by the United Statcs Office of Management <br />and Budget. SUBRECIPIENT shall provide CITY with a copy of said audit by October I of the <br />year following the program year in which this Agreemcnt is executed. <br />l. 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 />responsibilities 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 incomc level of persons and/or families participating <br />in or benefiting by the SUBRECIPIENT program. <br /> <br />b. Documentation of the number ofpcrsons and/or families participating <br />in or benefiting by the SUBRECIPIENT program. <br /> <br />c. Household information shall includc number of persons, identification <br />of head of household, race/ethnicity, and income verification. <br /> <br />d. Documentation of all CDBG FUNDS rcceived from CITY. <br /> <br />c. Documentation of expenses as identified in thc Budget Proposal, <br />including evidence of incurring the expense, invoiccs for goods or services, copies <br />of any and all contracts or documcntation pertaining to costs for subcontractors, <br />plus all other invoices for which CDBG FUNDS were cxpended, and any payments <br />thercfor. <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 />(2) Reports <br /> <br />(i) Payment Requcst. Concurrcntly with the submittal of cach <br />quarterly report, on orbeforc the 15th day of October, January, <br />April and July, SUBRECIPIENT shall submit both: an original <br />invoicc and true copics of invoiccs, receipts, agreements, copies <br />of any and all contracts or documentation pertaining to costs for <br />subcontractors or other documentation supporting and <br />cvidencing how the CDBG FUNDS havc been expcnded during <br />the applicable quarter. <br /> <br />4 <br />