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A. Financial Management <br /> 1. Accounting Standards <br /> The Subrecipient agrees to comply with Subpart C.21, Standards for financial <br /> management systems, of OMB Circular A-110 and agrees to adhere to the <br /> accounting principles and procedures required therein, utilize adequate internal <br /> controls, and maintain necessary source documentation for all costs incurred. <br /> 2. Cost Principles <br /> The Subrecipient shall administer its program in conformance with OMB <br /> Circulars A-122, "Cost Principles for Nonprofit Organizations," or A-21 "Cost <br /> Principles for Educational Institutions,: as applicable; {and if the Subrecipient is a <br /> governmental or quasi-governmental agency, the applicable sections of 24 CFR <br /> 570.503 (b)(4), "Uniform Administrative Requirements for Grants and <br /> Cooperative Agreements to State and Local Governments,"} for all cost incurred <br /> whether charges on a direct or indirect basis. <br /> B. Documentation and Record-Keeping <br /> 1. Records to be maintained <br /> The Subrecipient shall maintain all records required by the federal regulations <br /> specified in 24 CFR Part 570.506, and that are pertinent to the activities to be <br /> funded under this Agreement. Such records shall include but not be limited to: <br /> a. Records providing a full description of each activity undertaken; <br /> b. Records demonstrating that each activity undertaken meets one of the <br /> National objectives of the CDBG Program; <br /> c. Records required determining the eligibility of activities; <br /> d. Records required to document the acquisition, improvement, use or <br /> disposition of real property acquired or improved with CDBG <br /> assistance; <br /> e. Records documenting compliance with the fair housing and equal <br /> opportunity components of the CDBG program; <br /> f. Financial records as required by 24 CFR Part 570.502, and OMB <br /> Circular A-110; and <br /> g. Other records necessary to comply with Subpart K of 24 CFR 570. <br /> 2. Retention <br /> The Subrecipient shall retain all records pertinent to expenditures incurred under <br /> this contract for a period of five (5) years after the termination of all activities <br /> funded under this Agreement, or after the resolution of all Federal audit findings, <br /> whichever occurs later. Records for nonexpendable property acquired with funds <br /> under this contract shall be retained for five (5) years after final disposition of <br /> such property. Records for any displaced person must be kept for five (5) years <br /> after he/she has received final payment. <br /> Subrecipient Agreement(Rev. 10/20/10) Page 7 of 19 <br />