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7. 1 e- ut <br /> Subrecipient obliaation to the Citt- shal! ^ot end ?:nti! wl? �' <br /> �.�os�-out :�,�ui:ements <br /> are completed. Activities dunng this close-out period shall include, but are not limited to; <br /> making 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 <br /> City, and determining the custodianship of records. <br /> 8. Audits and In�pe tion� <br /> �11 Subrecipieat 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, <br /> to audit, eYamine, and make e:ccerpts or transcripts of all relevant data. � <br /> Any deficiencies noted in <br /> audit reports must be fuily c:eared 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 herebv agrees to have an annual aQency audit conducted if funds received equal <br /> �300,000 or more. <br /> C. Renorting n�pavm nt Procedure� <br /> l. Bu et <br /> The Sunrecipient will adhere to the detailed contract budget that was submirted with <br /> the application and attachmeat to the contract infers acceptance by the City. The Ciry and the <br /> Subrecipient may agree to re�-ise the budget from tim.e to time as mutuallv aQreed, only if it <br /> remains in conformance with City Council's wishes. � <br /> 2. Pro;ra�m Income ', <br /> The Subrecipient shall report quarterly all program income as defined by 24 CFR <br /> �70.�00(a) �enerated by activities carried out w-ith CDBG funds made available under this <br /> contract. The use of proQrar.l �ncome by the Subrecipient shall comply with the requirements set <br /> forth by 24 CFR �70.�04. Bv way of further limitations, the Subrecipient may use such income <br /> during the contract period for activities permitted under the contract and shall reduce request fer <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 li. S. Treasury is not program income <br /> and shall be remitted promptiv to the City. <br />