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5/11/10 G. Separation of A ccounts. A 11 f ands r eceived by S UBRECIPIENT f rom C ITY pursuant t o this A greement s hall be maintained in a n a ccount in a f ederally i nsured ba nking or savings and loan institution with record keeping of such accounts maintained pursuant to applicable OMB C ircular A -110 r equirements. SUBRECIPIENT is n of r equired to ma intain separate depository accounts for CDBG FUNDS; provided however, the SUBRECII'IENT must be able to account f or r eceipt, o bligation a nd e xpenditure o f C DBG F UNDS par suant to ap plicable O MB Circular A-110 requirements. H. Audit R eport Requirements. SUBRECIPIENT agrees t hat i f S UBRECIPIENT receives Five Hundred Thousand Dollars ($500,000.00) or more in federal funds, SUBRECIPIENT shall ha ve a n a nnual a udit c onducted by a c ertified p ublic acco untant i n acco rdance w ith t he standards a s s et f orth a nd pub lished b y t he U nited S tates O ffice of Management a nd B udget. SUBRECIPIENT shall provide CITY with a copy of said audit by October 1 of the year following the program year in which this Agreement is executed. I. Record Keepin eporting. SUBRECIPIENT shall keep and maintain complete and adequate r ecords a nd r eports t o a ssist C ITY i n m eeting a nd m aintaining i is r ecord ke eping responsibilities under the CDBG REGS, including the following: (1) Records a. Documentation evidencing program income requirements in conformity with 24 CFR 570.504(b((2)(i), (ii) and 24 CFR 570.503(b)(3) and 24 CFR 570.208(a)(2)(B) of the income level of persons and/or families participating in or benefiting by the SUBRECIPIENT program. b. Documentation of the number of persons and/or families participating in or benefiting by the SUBRECIPIENT program. c. Household information shall include number of persons, identification of head of household, race/ethnicity, and income verification. d. Documentation of all CDBG FUNDS received from CITY. e. Documentation of expenses as identified in the Budget Proposal, including evidence of incurring the expense, invoices for goods or services, copies of any and all contracts or documentation pertaining to costs for subcontractors, plus all other invoices for which CDBG FUNDS were expended, and any payments therefor. f. Any such other related records as CITY shall reasonably require or as required to be maintained pursuant to the CDBG REGS. (2) Reports (i) Payment Request. Concurrently with the submittal of each quarterly report, on or before the 15th day of October, January, 4 25L-6