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, , . <br /> 6. National Objectives <br /> The Subrecipient agrees to maintain documentation that demonstrates that the <br /> activities carried out with funds provided under this contract meet one or more of the CDBG <br /> program's national objectives - 1) benefit low/moderate income persons; 2) aid in the prevention <br /> or elimination of slum or blight; 3) meet community development needs having a particular <br /> urgency - as defined in 24 CFR Part 570.208. <br /> 7. Close-Outs <br /> Subrecipient obligation to the City shall not end until all close-out requirements <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 Ins�ections <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, <br /> to 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 funds received equal $ <br /> 25,000 or more. <br /> C. Re�ortin�and Payment Procedures <br /> 1. Budgets <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 />