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i <br /> 7. lo e- ut <br /> Subrecipient obliQation to the Cit`• sha!l not end ��nt�� �11 �'os:,-��ut ;e�uirement; <br /> are completed. Activities during 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 I^�pections <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. Any deficiencies noted in <br /> audit reports must be fully cleared by the Subrecipient within ;0 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 a�ency audit conducted if funds received equal <br /> �300,000 or more. v <br /> C. Renorting n� d Pavment Procedure� � <br /> 1. Bu � t I, <br /> The Sunrecipient �vill adhere to the detailed contract budget that was submitted with <br /> the application and attachment to the contract infzrs acceptance by the City. The Ciry and the <br /> Subrecipient mav agree to re�-ise the bud�et from time to time as mutuallv agreed, only if it <br /> remains in conformance with Citv Council's wishes. � <br /> 2. Progr�m Tncome <br /> The Subrecipient shall report quarterly all program income as defined by 24 CFR <br /> �70.�00(a) generated by activities carried out with CDBG funds made available under this <br /> contract. The use of prosrar.: income bv the Subrecipient shall compl�� with the reauirements 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 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 li. S. Treasury is not program income <br /> and shall be remitted promptiv to the City. <br />