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community development needs having a particular urgency - as defined in 24 <br /> CFR Part 570.208. <br /> 7. Close-outs <br /> Subrecipient obligation to the City shall not end until all close-out requirements <br /> are completed. Activities during this close-out period shall include, but are not <br /> limited to; making final payments, disposing of program assets (including the <br /> return of all unused materials, equipment, program income balances, and <br /> receivable accounts) to the City, and determining the custodianship of records. <br /> 8. Audits and Inspections <br /> All Subrecipient records with respect to any matters covered by this agreement <br /> shall be made available to the City, grantor agency, their designees or the Federal <br /> Government at an time durin normal business hours as often as the Cit or <br /> , Y g , Y <br /> grantor agency deems necessary, to audit, examine, and make excerpts or <br />' transcripts of all relevant data. Any deficiencies noted in audit reports must be <br /> fully cleared by the Subrecipient within 30 days after receipt by the Subrecipient. <br /> Failure of the Subrecipient to comply with the above audit requirements will <br /> constitute a violation of this contract and may result in the withholding of future <br /> payments. The Subrecipient hereby agrees to have an annual agency audit <br /> conducted if total federal funds received equal $100,000 or mare. <br /> C. Reporting and Payment Procedures <br /> 1. Budgets <br /> The Subrecipient will adhere to the detailed contract budget, as revised (if <br /> applicable), that was submitted with the application and attachment to the contract <br /> infers acceptance by the City. The City and the Subrecipient may agree to revise <br /> the budget from time to time as mutually agreed, only if it remains in <br /> conformance with City Council's wishes. <br /> 2. Program Income <br /> The Subrecipient shall report quarterly all program income as defined by 24 CFR <br /> 570.500(a) generated by activities carried out with CDBG funds made available <br /> under this contract. The use of program income by the Subrecipient shall comply <br /> with the requirements set forth by 24 CFR 570.504. By way of further <br /> limitations, the Subrecipient may use such income during the contract period for <br /> activities permitted under the contract and shall reduce request for additional <br /> funds by the amount of any such program income balances as reported the <br /> previous quarter. Any interest earned on cash advances from the U. S. Treasury is <br /> not program income and shall be remitted promptly to the City. <br /> Subrecipient Agreement(Rev. 10/20/10) Page 9 of 19 <br />