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equipment, unspent cash advances , program income <br /> balances and receivable accounts to the City, and <br /> , <br /> dete�ining 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, gra�tor agency, their designees or the Federal <br /> Government, at any time during normal business hours, as <br /> often as the City or grantor agency de��s necessary, to <br /> audit, examine, and make excerpts or tr.anscripts of all <br /> relevant da�.a. 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 c�atract and may <br /> result in the withholdinc� of future payanents . The Sub- <br /> recipient hereby agrees . to have an annual agency audit <br /> conducted if funds received equal $ 25, 000 or more. <br /> C. Reportinq and Pavment Procedures <br /> l. Budgets , <br /> The Subrecipient will adhere to the detailed contr�act <br /> budget that was submitted with the application and at- <br /> tachment to the contract infers accept�.nce 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 conforatance with City Couacil ' 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 progr�m inct�me 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 di.iring the contract <br /> period for activities permitted undex �he contract and <br /> shall reduce request for additional funds by the amount <br /> of any such program income balances as reported 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 Ci�y. <br /> 8 <br />