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program for the purpose of monitoring, making audits, examinations, excerpts, transcripts <br /> and photocopying. <br /> I. SUBRECIPIENT shall be required to maintain all required records for a minimum of five (5)years <br /> after the SUBRECIPIENT's final audit and program close out by the CITY. SUBRECIPIENT shall <br /> establish and maintain a project file that contains the following sections: <br /> 1. General project correspondence and related items. <br /> 2. Financial source documentation and associated transactional documentation. <br /> 3. Procurement procedures and associated documents. <br /> 4. Compliance with applicable State and Federal regulations. <br /> 5. Program reports. <br /> 6. Documentation of persons benefiting from grant activities, including race/ethnicity and <br /> income to substantiate achievement of the CDBG National Objective of benefiting <br /> primarily persons of low-and moderate-income. <br /> 7. Personnel actions. <br /> 8. Acquisition and disposition of property. <br /> II. The records which, at a minimum, must be maintained are as follows: <br /> 1. Financial Records: SUBRECIPIENT shall, at minimum, maintain the following records for <br /> each grant received under separate agreement from the CITY: <br /> a. Cash receipts Register: For recording of funds received in connection the grant <br /> program. <br /> b. Cash Disbursements Register: For recording disbursement of funds from the <br /> Agency's CDBG-CV account(s). All disbursements must be supported by <br /> appropriate documentation (e.g.: payroll records, invoices, contracts, etc.) <br /> demonstrating the nature and use of each payment and showing approval of the <br /> program director or other authorized official. In addition, SUBRECIPIENT agrees <br /> to provide the CITY such financial reports and additional source documentation <br /> as the CITY may reasonably require and to comply with such reasonable <br /> additional financial control procedures as may be required to be retained in files <br /> maintained by SUBRECIPIENT. <br /> c. Payroll records:A basic time and activity tracking system shall be maintained to <br /> substantiate the services and staff time charged to the project. This should <br /> include time sheets documenting each person's time charged against the grant; <br /> time sheets must be signed by both the employee and authorized supervisor of <br /> the employee. CDBG-CV grant funds shall not be used to pay planning and <br /> program administrative costs allocable to another grant. <br /> 2. Equipment Records: A record shall be maintained for each item of equipment acquired <br /> for the Program. Equipment is defined as tangible personal property (including <br /> information technology systems) which has a useful life of more than one year and a <br /> per-unit acquisition cost which equals or exceeds$500.00.The records shall include: (1) <br /> a description (including model and serial number) of the property; (2) the date of <br /> acquisition; and (3)the acquisition cost (showing the percentage of the total costs paid <br /> 6 <br />