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equipment, unspent cash advances , program iacome <br /> balances, and receivable accounts to the City, and <br /> determining th� custodianship of records . <br /> " 8 . Audits and Inspection� <br /> � Al1 Subrecipient records with respect to any matters <br /> covered by this agreement shall be made available to the <br /> City, grantor ageacy, their designees or the Federal <br />' Government, 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 defa.ciencies aoted in audit reports <br /> must be fully cleared by the Subrecipient within 30 days <br /> af�er receipt by the Subrecipient. Failure of the Sub- <br /> reci ient to comply with the above audit requiresnents <br /> P <br /> will constitute a <br /> 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. ReportinQ and PaYment Procedures <br /> l. Budgets � <br /> The Subrecipient will adhere to the d��ailed contract <br /> budget that was submitte�� with the applxcation and at- <br /> tachmeat to the comtract infers accepta�ce 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.es wishes . <br /> 2 . Program 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 duriag the contract <br /> period for activities permitted under the contract and <br /> shal:. 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 City. <br /> 8 <br />