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<br />. <br /> <br />e <br /> <br />VII. ADMINISTRATIVE REOUlREMENTS <br /> <br />A. Financial Management <br /> <br />1. Accounting Standards <br /> <br />The Subrecipient agrees to comply with OMB Circular A-lIO or A-128, as <br />applicable and agrees to adhere to the accounting principles and procedures <br />required therein, utilize adequate internal controls, and maintain necessary source <br />documentation for all costs incurred. <br /> <br />2. Cost Princioles <br /> <br />The Subrecipient shall administer its program in conformance with OMB <br />Circulars A.:.122, "Cost Principles for Non-Profit Organizations," or A-21, "Cost <br />Principles for Educational Institutions," ; or A-87, "Cost Principles for State or <br />Local Government" as applicable. If the Subrecipient is a governmental or quasi- <br />governmental agency, the applicable sections of 24 CFR 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 <br />indirect basis; or, the applicable sections of 24 CFR Part 84, if Subrecipient is a <br />non-profit corporation. <br /> <br />B. Documentation and Record-Keeoin~ <br /> <br />1. Records to be Maintained <br /> <br />The Subrecipient shall maintain all records required by the federal regulations <br />specified in 24 CFR Part 570.506, and that are pertinent to the activities.to be <br />funded 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 the <br />National Objectives of the 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 CFR Part 570.502, and OMB <br />Circular A-lIO; and <br />g) Other records necessary to document compliance with Subpart K of 24 <br />CFR 570. <br /> <br />9 <br />