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<br />1. Accounting Standards <br /> <br />The Subrecipient agrees to comply with Subpart C of OMB Circular A-102 and <br />agrees to adhere to the accounting principles and procedures required therein, <br />utilize adequate internal controls, and maintain necessary source documentation <br />for all costs incurred. <br /> <br />2. Cost Principles <br /> <br />The Subrecipient shall administer its program in conformance with OMB <br />Circulars A-87 and the applicable sections of 24 C.F.R. Part 85, "Uniform <br />Administrative Requirements for Grants and Cooperative agreements to State and <br />Local Governments," for all costs incurred whether charged on a direct or indirect <br />basis. <br /> <br />B. Documentation and Record-Keeping <br /> <br />1. Records to be Maintained <br /> <br />The Subrecipient shall maintain all records required by the federal regulations <br />specified in 24 C.F.R. 570.506 and that are pertinent to the activities to be funded <br />under this Agreement. Such records shall include but not be limited to: <br /> <br />a. Records providing a full description of each activity undertaken; <br />b. Records demonstrating that each activity undertaken meets one of <br />the National Objectives ofthe CDBG program; <br />c. Records required to determine the eligibility of activities; <br />d. Records required to document the acquisition, improvement, use or <br />disposition of real property acquired or improved with CDBG <br />assistance; <br />e. Records documenting compliance with the fair housing and equal <br />opportunity components of the CDBG program; <br />f. Financial records as required by 24 C.F.R. 570.502, and OMB <br />Circular A -133; and <br />g. Other records necessary to document compliance with Subpart K <br />of24 C.F.R. Part 570. <br /> <br />2. Retention <br /> <br />The Subrecipient shall retain all records pertinent to expenditures incurred under <br />this Agreement for a period of 5 years after the terminatipn of all activities funded <br />under this Agreement, or after the resolution of all Federal audit findings, which <br />ever occurs later. Records for non-expendable property acquired with funds under <br />this Agreement shall be retained for 5 years after final disposition of such <br /> <br />8 <br />