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continue to meet eligibility criteria and shall conform to the "changes in use" <br /> restrictions. <br /> Reversion of assets. Under this agreement upon its expiration the subrecipient <br /> shall transfer to the recipient any funds on hand at the time of expiration and any <br /> accounts receivable attributable to the use of those funds. <br /> 6. Objectives <br /> The Subrecipient agrees to maintain documentation that demonstrates that the <br /> activities carried out with funds provided under this contract meet one or more of <br /> the following objectives - 1) benefit low/moderate income persons; 2) aid in the <br /> prevention or elimination of slum or blight; 3) meet community development <br /> needs. <br /> 7. Close-outs <br /> Subrecipient obligation to the City shall not end until all close-out requirements <br /> are completed. Activities during this close-out period shall include, but are not <br /> limited to; making final payments, disposing of program assets, (including the <br /> return of all unused materials, equipment, program income balances, and <br /> receivable accounts)to the City, and determining the custodianship of records. <br /> 8. Audits and Inspections <br /> All Subrecipient records with respect to any matters covered by this agreement <br /> shall be made available to the City, grantor agency, or their designees, at any time <br /> during normal business hours, as often as the City or grantor agency deems <br /> necessary, to audit, examine, and make excerpts or transcripts of all relevant data. <br /> Any deficiencies noted in audit reports must be fully cleared by the Subrecipient <br /> within 30 days after receipt by the Subrecipient. Failure of the Subrecipient to <br /> comply with the above audit requirements will constitute a violation of this <br /> contract and may result in the withholding of future payments. <br /> C. Reporting and Payment Procedures <br /> 1. Bind ets <br /> The Subrecipient will adhere to the detailed contract budget, as revised (if <br /> applicable), that was submitted with the application and attachment to the contract <br /> infers acceptance by the City. The City and the Subrecipient may agree to revise <br /> the budget from time to time as mutually agreed, only if it remains in <br /> conformance with City Council's wishes. <br /> 2. Payment Procedures <br /> Subrecipient Agreement(Rev. 1/31/17) Page 7 of 16 <br />