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<br />e <br /> <br />e <br /> <br />2. Retention <br /> <br />The Subrecipient shall retain all records pertinent to expenditures incurred under <br />this Agreement for a period of three (3) years after the termination of all activities <br />funded under this agreement, or after the resolution of all Federal audit findings, <br />which ever occurs later. Records for non-expendable property acquired with <br />funds under this Agreement shall be retained for three (3) years after final <br />di.sposition of such property. Records for any displaced person must be kept for <br />three (3) years after he/she has received final payment. <br /> <br />Subrecipient must also comply with the Uniform Relocation Assistance and Real <br />Property Acquisition Policies Act of 1970. <br /> <br />3. Property Records <br /> <br />The Subrecipient shall maintain real property inventory records which clearly <br />identify properties purchased, improved or sold. Properties retained shall <br />continue to meet eligibility criteria and shall conform with the "changes in use" <br />restrictions specified in 24 CFR Parts 570.503(b )(8). Subrecipient must insure <br />that any independent audit required hereunder include a report on real property <br />inventory as a supplemental schedule in the audit. <br /> <br />4. National Obiectives <br /> <br />The Subrecipient agrees to maintain documentation that demonstrates that the <br />activities carned out with funds provided under this Agreement meet one or more <br />of the CDBG program's national objectives-I) benefit low/moderate income <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 />CFR Part 570.208. <br /> <br />5. Close-Outs <br /> <br />Subrecipient obligation to the Grantee shall not end until all close-out <br />requirements are completed as defined in 24 CFR 85.50. Activities during this <br />close-out period shall include, but are not limited to; making final payments, <br />disposing of program assets (including the return of all unused materials, <br />equipment, unspent cash advances, program income balances, and receivable <br />accounts to the Grantee, and determining the custodianship of records). <br /> <br />6. 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 deems <br /> <br />10 <br />