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Program income is earned through the activities funded by this Agreement. For further <br />definition of program income and requirements for its use, Contractors are referred to WIA section <br />195(7)(A) and (B)(i)(ii) and 20 CFR '667.200 which are herein incorporated by this reference. <br />Any program income must be reported to the SBWIB, Inc. on the expenditure report, and <br />must be returned to the SBWIB, Inc. in accordance with the SBWIB, Inc.'s written directions to the <br />Contractor. At the City's discretion, program income may be used to augment the Contractor's WIA <br />program. Such use of program income is permitted only by written amendment to this Agreement. <br />Should such use of program income must be approved, Contractor shall maintain records in support <br />of all earnings and expenditures relating to the use of those funds in accordance with WIA record <br />retention and audit requirements. The SBWIB, Inc. shall monitor Contractor's compliance with all <br />program income requirements <br />XX -- AUDITS AND REQUIREMENTS <br />Contractor shall comply with audit requirements as identified WIA regulations (20 CFR <br />667.200(b) and respective Office of Management and Budget (OMB) Circulars and other applicable <br />Federal, State, and local policies and regulations. Contractor shall be responsible for determining <br />whether it is subject to the OMB Circulars, or other federal auditing requirements, and, if so, shall be <br />responsible for compliance with the audit requirements thereof. Such audits shall be paid for by the <br />Contractor. A commercial organization (subrecipient) receiving $500,000 or more in federal financial <br />assistance to operate a WIA program shall comply with the audit requirements set forth in OMB <br />Circular 133. <br />Contractor shall allow authorized SBWIB, Inc., State, and Federal representatives to have <br />full access to the Contractor's facilities and all related WIA documentation and other physical <br />evidence for the purposes of auditing, evaluation, inspection, and monitoring of the program set <br />forth in this Agreement, including the interviewing of the Contractor's staff and program participants <br />during normal business hours. <br />19 <br />20D-21