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equipment, unspent cash advances , program income <br /> balances, and receivable accnunts to the City, and <br /> determining the custodianship o� records . <br /> � . Audits and Inspections <br /> All Subrecipient records with respect to any matters <br /> covered by this agreement shall be made available to the <br /> C�ty, grantor agency, their �esignees or the Federal <br /> t�awernment, at any time during normal 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 S�brecipieat. Failure of the Sub- <br /> recipient �o comply wath the above audit requirements <br /> will consti�ute a violation of this contract and may <br /> result in tr�e withholding of future payments . The Sub- <br /> recipient h�reby agrees to have an annual agency audit <br /> conducted i� 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 coatract 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 a1I 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 co�ply with the requirenents set <br /> forth by 24 CFR 570 . 504 . By way of further limitations, <br /> the Subreci ient ma use such income during the contract <br /> P Y <br /> period for activities permitted under t�.e contract and <br /> shall reduce request for additional fund� by the amount <br /> of any such program income balances as re�orted the pre- <br /> vious quarter . Any interest earned on cash advances <br /> from the U. S . Treasury is not program income and shall <br /> be remitted promptly to the City. <br /> $ <br />