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<br />5'05 <br /> <br />dcpository accounts for CDBG FUNDS; providcd howcvcr, thc SUBRECIPIENT must bc ablc to <br />account for rcccipt, obligation and cxpcnditure of CDBG FUNDS pursuant to applicablc OMB <br />Circular A- I 10 rcquircmcnts. <br /> <br />H. Audit Rcport RCQuircmcnts. SUBRECIPIENT agrccs that if SUBRECIPIENT <br />rcccivcs Fivc Hundrcd Thousand Dollars ($500,000.00) or morc in fcdcral funds, SUBRECIPIENT <br />shall havc an annual audit conductcd by a ccrtificd public accountant in accordancc with thc <br />standards as sct forth and publishcd by thc Unitcd Statcs Office of Managcmcnt and Budgct. <br />SUBRECIPIENT shall providc CITY with a copy of said audit by Octobcr I of the ycar following <br />thc program ycar in which this Agrccmcnt is cxccuted. <br />I. Rccord Kceping/Rcporting. SUBRECIPIENT shall kccp and maintain complctc and <br />adcquatc rccords and rcports to assist CITY in mecting and maintaining its rccord kccping <br />responsibilitics undcr thc CDBG REGS, including thc following: <br /> <br />( I ) Rccords <br />a. Documcntation cvidcncing program incomc rcquircmcnts 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) ofthc incomc Icvcl ofpcrsons and/or familics participating <br />in or bcncfiting by the SUBRECIPIENT program. <br /> <br />b. Documcntation ofthc numbcr ofpcrsons and/or familics participating <br />in or bcncfiting by thc SUB RECIPIENT program. <br /> <br />c. Houschold information shall includc numbcr of pcrsons, idcntification <br />ofhcad ofhouschold, racc/cthnicity, and income vcrification. <br /> <br />d. Documcntation of all CDBG FUNDS rcccivcd from CITY. <br /> <br />c. Documcntation of cxpcnscs as idcntificd in thc Budgct Proposal, <br />including cvidcncc of incurring thc cxpcnsc, invoiccs for goods or scrviccs, copics <br />of any and all contracts or documcntation pcrtaining to costs for subcontractors, <br />plus all othcr invoiccs for which CDBG FUNDS wcrc expcndcd, and any paymcnts <br />thcrcfor. <br /> <br />f. Any such othcr rclated rccords as CITY shall rcasonably rcquirc or as <br />rcquircd to be maintained pursuant to thc CDBG REGS. <br /> <br />(2) Reports <br /> <br />(i) Paymcnt Request. Concurrcntly with the submittal of each <br />quarterly report, on or before the 15th day of October, January, <br />April and July, SUBRECIPIENT shall submit both: an original <br />invoice and true copies of invoices, receipts, agreemcnts, copies <br />of any and all contracts or documentation pcrtaining to costs for <br />subcontractors or other documentation supporting and <br /> <br />4 <br />