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e� <br /> VII. ADMINISTRATIVE REOUIREMENTS <br /> A. Financial Management <br /> 1. Accounting Standards <br /> The Subrecipient agrees to comply with Attachment F of OMB Circular A-110 and , <br /> agrees to adhere to the accounting principles and procedures required therein, utilize adequate <br /> internal controls, and maintain necessary source documentation for all costs incurred. <br /> 2. Cost Principles <br /> The Subrecipient shall administer its program in conformance with OMB Circulars <br /> A-122, "Cost Principles for Non-Profit Organizations," or A-21 "Cost Principles for Educational <br /> Institutions,: as applicable; {and if the Subrecipient is a governmental or quasi-governmental <br /> agency, the applicable sections of 24 CFR Part 85, "Uniform Administrative Requirements for <br /> Grants and Cooperative Agreements to State and Local Governments,"} for all cost incurred <br /> whether charges on a direct or indirect basis. <br /> B. Documentation and Record-Kee�ing <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 funded under this <br /> 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 assistance; <br /> e. Records documenting compliance with the fair housing and equal opportunity <br /> components of the CDBG program; ' <br /> f. Financial records as required by 24 CFR Part 570.502, and OMB Circular <br /> A-110; and <br /> g. Other records necessary to comply with Subpart K of 24 CFR 570. j <br /> 2. Retention ���� <br /> The Subrecipient shall retain all records pertinent to expenditures incurred under �I <br /> this contract for a period of three (3) years after the termination of all activities funded this 'I <br />