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7. Close-Outs <br /> Subrecipient obligation to the City shall not end until all close-out requirements are <br /> completed. Activities during this close-out period shall include, but are not limited to; making <br /> final payments, disposing of program assets (including the return of all unused materials, <br /> equipment, unspent cash advances, program income balances, and receivable accounts to the City, <br /> and deternuning 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 Government, at <br /> any time during normal business hours, as often as the City or grantor agency deems necessary, to <br /> audit, examine, and make excerpts or transcripts of all relevant data. Any deficiencies noted in <br /> audit reports must be fully cleared by the Subrecipient within 30 days after receipt by the <br /> Subrecipient. 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 payments. The <br /> Subrecipient hereby agrees to have an annual agency audit conducted if total federal funds <br /> received equal $100,000 or more. <br /> C. Reportin� and Pavment Procedures <br /> 1. Bu_ d e�ts <br /> The Subrecipient will adhere to the detailed contract budget that was submitted with <br /> the application and attachment to the contract infers acceptance by the City. The City and the <br /> Subrecipient may agree to revise the budget from time to time as mutually agreed, only if it <br /> remains in 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 under this <br /> contract. The use of program income by the Subrecipient shall comply with the requirements set <br /> forth by 24 CFR 570.504. By way of further limitations, the Subrecipient may use such income <br /> during the contract period for activities pernutted under the contract and shall reduce request for <br /> additional funds by the amount of any such program income balances as reported the previous <br /> quarter. Any interest earned on cash advances from the U. S. Treasury is not program income <br /> and shall be remitted promptly to the City. <br />