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improvement to,the property. The payment is program income to the recipient. <br /> (No payment is required after the period of time specified in paragraph(b)(7)(i) of <br /> this section.) <br /> 6. NationalObjectives <br /> The Subrecipient agrees to maintain documentation that demonstrates that the <br /> activities carried out with funds provided under this contract meet one or more of <br /> the CDBG program's national objectives - 1) benefit low/moderate income <br /> persons; 2) aid in the prevention or elimination of slum or blight; 3) meet <br /> 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 any time during normal business hours, as often as the City or <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 more. <br /> C. Renorting and Pavment Procedures <br /> 1. Bu�d ets <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. Pro�ram 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 /> Subrecipient Agreement(Rev. 09/08/09) Page 8 of 18 <br />