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remedies provided by law. In the event there is probable cause to believe the <br /> Subrecipient is in noncompliance with any applicable rules or regulations, the City may <br /> withhold future payment of said contract funds until such time as the Subrecipient is <br /> found to be in compliance by the City, or is otherwise adjudicated to be in compliance. <br /> VIII. ADMINISTRATIVE RE UIREMENTS <br /> Q <br /> A. Financial Management <br /> 1. Accountin� 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 Princi l�es <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 /> Part 85, "Uniform Administrative Requirements for Grants and Cooperative <br /> I �� <br /> Agreements to State and Local Governments, } for all cost mcurred whether <br /> charges on a direct or indirect basis. <br /> B. Documentation and Record-Keeuin� <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 to determine 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 /> Subrecipient Agreement(Rev. OS/06/02 L.IL:bb) Page 6 of 17 <br />