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<br />e <br /> <br />e <br /> <br />deems necessary, to audit, examine, and make excerpts or transcripts of all <br />relevant data. Any deficiencies noted in audit reports must be fully cleared by the <br />Subrecipient within 30 days after receipt by the Subrecipient. Failure of the <br />Subrecipient to comply with the above audit requirements will constitute a <br />violation of this Agreement and may result in the withholding of future payments. <br />Subrecipient hereby agrees to have an annual agency audit conducted in <br />. accordance with Generally Accepted Governmental Auditing Standards (the <br />"Yellow Book"), and OMB Circular A-133. The audit must include a statement <br />regarding compliance with Federal Regulations, including national objectives of <br />the program. <br /> <br />C. Reporting and Payment Procedures <br /> <br />1, Budgets <br /> <br />The Subrecipient has submitted a detailed budget (see Exhibit B) in a form and <br />content prescribed by Harris County Auditor. The Grantee and the Subrecipient <br />may agree to revise the budget from time to time in accordance with existing <br />county policies. <br /> <br />2, Program Income <br /> <br />The Subrecipient shall report all program income as defined at 24 C.F.R. <br />570.500(a) generated by activities carried out with CDBG funds made available <br />under this Agreement. The use of program income by the Subrecipient shall <br />comply with the requirements set forth at 24 C,F.R. 570,504, By way of further <br />limitations, the Subrecipient may use such income during the contract period for <br />activities permitted under this Agreement and shall reduce requests for additional <br />funds by the amount of any such program income balances on hand. All unused <br />program income shall be returned to the Grantee at the end of the contract period, <br />Any interest earned on cash advances from the U.S. Treasury is not program <br />income and shall be remitted promptly to the Grantee. <br /> <br />3, Indirect Costs <br /> <br />If indirect costs are charged, the Subrecipient will develop an indirect cost <br />allocation plan for determining the appropriate Grantee share of administrative <br />costs and shall submit such plan to the Grantee for approval. <br /> <br />4, Pavrnent Procedures <br /> <br />The Grantee will pay to the Subrecipient funds available under this Agreement <br />based upon information submitted by the Subrecipient and consistent with any <br />approved budget and county policy concerning payment. With the exception of <br />certain advances, payments will be made for eligible expenses actually incurred by <br /> <br />10 <br />