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<br />persons, 2) aid in the prevention or elimination of slums or blight, 3) meet <br />community development needs having a particular urgency - as defined in 24 <br />C.F.R. 570.208. <br /> <br />6. Close-Outs <br /> <br />Subrecipient's obligation to the Grantee shall not end until all close-out <br />requirements described in 24 C.F.R. 85.50 are completed to the satisfaction of the <br />HCOHED and the Harris County Auditor. Activities during this close-out period <br />shall include, but are not limited to, making final payments, disposing of program <br />assets, including the return of all unused materials, equipment, unspent cash <br />advances, program income balances, and accounts receivable to the Grantee, and <br />determining the custodianship of records. <br /> <br />7. Audits & Inspections <br /> <br />All Subrecipient records with respect to any matters covered by this Agreement <br />shall be made available to the Grantee, its designees or the Federal Government, <br />at any time during normal business hours, as often as the Grantee or other agency <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 /> <br />10 <br />