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7 . Close-Outs <br /> Subrecipient obligation to the City shall not end until <br /> all close-out requirements are completed. Activities <br /> during this close-out period shall include, but are not <br /> limited to; making final payments, disposing of program <br /> assets (including the return of all unused materials, <br /> equipment, unspent cash advances, program income <br /> balances, and receivable accounts to the City, and <br /> detennining the custodianship of records . <br /> 8 . Audits and Inspections <br /> All Subrecipient records with respect to any matters <br /> covered by this agreement shall be made available to the <br /> City, grantor agency, their designees or the Federal <br /> Government, at any time during nozinal business hours, as <br /> often as the City or grantor agency deems necessary, to <br /> � audit, examine, and make excerpts or transcripts of all <br /> relevant data. Any deficiencies noted in audit reports <br /> must be fully cleared by the Subrecipient within 30 days <br /> after receipt by the Subrecipient. Failure of the Sub- <br /> recipient to comply with the above audit requirements <br /> will constitute a violation of this contract and may <br /> result in the withholding of future payments . The Sub- <br /> recipient hereby agrees to have an annual agency audit <br /> conducted if funds received equal $ 25, 000 or more. <br /> C. Reporting and Payment Procedures <br /> 1. Budgets <br /> The Subrecipient will adhere to the detailed contract <br /> budget that was submitted with the application and at- <br /> tachment to the contract infers acceptance by the City. <br /> The City and the Subrecipient may agree to revise the <br /> budget from time to time as mutually agreed, only if it <br /> remains in conformance with City Council' s wishes . <br /> 2 . Proqram Income <br /> The Subrecipient shall report quarterly all program in- <br /> come as defined by 24 CFR 570 .500 (a) generated by ac- <br /> tivities carried out with CDBG funds made available un- <br /> der this contract . The use of program income by the <br /> Subrecipient shall comply with the requirements set <br /> forth by 24 CFR 570 .504 . By way of further limitations, <br /> the Subrecipient may use such income during the contract <br /> period for activities permitted under the contract and <br /> shall reduce request for additional funds by the amount <br /> of any such program income balances as reported the pre- <br /> 8 <br />