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VII. ADMINISTRATIVE REQUIREMENTS <br /> A. Financial Management <br /> 1. AccountinQ Standards <br /> The Subrecipient agrees to comply with Attachment F of <br /> OI� Circular A-110 and agrees to adhere to the account- <br /> ing principles and procedures required therein, utilize <br /> adequate internal controls, and maintain necessary <br /> source documentation for all costs incurred. <br /> 2 . Cost Principles <br /> The Subrecipient shall administer its program in confor- <br /> mance with OMB Circulars A-122, "Cost Principles for <br /> Non-Profit Organizations, " or A-21 "Cost Principles for <br /> Educational Institutions, : as applicable; {and if the <br /> Subrecipient is a governmental or quasi-governmental <br /> agency, the applicable sections of 24 CFR Part 85, <br /> "Uniform Administrative Requirements for Grants and <br /> Cooperative Agreements to State and Local Governments, "} <br /> for all cost incurred whether charges on a direct or in- <br /> direct basis. <br /> B. Documentation and Record-ReepinQ <br />' 1. Records to be Maintained <br /> The Subrecipient shall maintain all records required by <br /> the federal regulations specified in 24 CFR Part <br /> 570 .506, and that are pertinent to the activities to be <br /> funded under this Agreement. Such records shall iaclude <br /> but not be limited to: <br /> a. Records providing a full description of each <br /> activity undertaken; <br /> b. Records demonstrating that each activity <br /> undertaken meets one of the National Objectives <br /> of the CDBG Program; <br /> c. Records required to determine the eligibility <br /> of activities; <br /> d. Records required to document the acquisition, <br /> improvement, use or disposition of real property <br /> acquired or improved with CDBG assistance; <br /> e. Records documenting compliance with the fair <br /> housing and equal opportunity components of the <br /> CDBG program; <br /> f. Financial records as required by 24 CFR Part <br /> 570.502, and OI� Circular A-110; and <br /> g. Other records necessary to comply with Subpart <br /> R of 24 CFR 570. <br /> 6 <br />