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<br />e <br /> <br />e <br /> <br />necessary, to audit, examine, and make excerpts or transcripts of all relevant data. <br />Any deficiencies noted in audit reports must be fully cleared by the Subrecipient <br />within 30 days after receipt by the Subrecipient. Failure of the Subrecipient to <br />comply with the above audit requirements wiII constitute a violation of this <br />Agreement and may result in the withholding of future payments. Subrecipient <br />hereby agrees to have an annual agency audit conducted in accordance with <br />Generally Accepted Governmental Auditing Standards (the "Yellow Book''). The <br />contract for the audit and the scope of the audit shall be subject to approval <br />thereof by the. Harris County Community Development Agency and the Harris <br />.County Auditor. The audit must include a statement regarding compliance with <br />Federal Regulations, including national objectives of the program. <br /> <br />C. Reoorting 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 CFR 570.500(a) <br />generated by activities carried out with CDBG funds made available under this <br />Agreement. The use of program income by the Subrecipient shall comply with <br />the requirements set forth at 24 CFR 570.504. By way of further limitations, the <br />Subrecipient may use such income during the contract period for activities <br />permitted under this Agreement and shall reduce requests for additional funds by <br />the amount of any such program income balances on hand. All unused program <br />income shall be returned to the Grantee at the end of the contract period. Any <br />interest earned on cash advances from the U.S. Treasury is not program income <br />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. Payment 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 /> <br />11 <br />