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Subrecipient's performance or expenses and the additional information needed to process the <br />invoice, as applicable. Failure of Subrecipient to respond in writing within 30 days of the date of <br />notice from City shall render the reimbursement request null and void. <br />E. Changes in Grant Allocation. The City reserves the right to reduce the grant <br />allocation to Subrecipient when City's fiscal monitoring indicates that Subrecipient's rate of <br />expenditures will result in unspent funds at the end of the Program year. Changes in the grant <br />allocation may be made after consultation with Subrecipient. <br />Section 3. Financial Management. <br />A. Accounting Standards. Subrecipient shall comply with 24 CFR 84.21-28 and <br />adhere to the accounting principles and procedures required therein, utilize adequate internal <br />controls, and maintain necessary source documentation for all costs incurred. <br />B. Cost Principles. Subrecipient shall administer its program in conformance with <br />Uniform Administrative Requirements, Cost Principles, and Audit Requirements for All Federal <br />Awards, 2 CFR 200 as applicable. These principles shall be applied for all costs incurred <br />whether charged on a direct or indirect basis. <br />C. Indirect Costs. If indirect costs are charged, Subrecipient will develop an indirect <br />cost allocation plan for determining the appropriate Subrecipient's share of administrative costs <br />and shall submit such plan to City for approval, in a form specified by City. <br />D. Program Income. Subrecipient shall report quarterly all program income (as <br />defined at 24 CFR 570.500(a)) generated by the Activities carried out with CDBG funds made <br />available under this Agreement. The use of Program Income by Subrecipient shall comply with <br />the requirements set forth in 24 CFR 570.504. By way of further limitation, Subrecipient may <br />use such income during the contract period for Activities permitted under this Agreement and <br />shall reduce requests for additional funds by the amount of any such Program income balances <br />on hand. All unexpended Program income shall be returned to City at the completion of this <br />Agreement. Any interest earned on cash advances from the U.S. Treasury and from funds held in <br />a revolving fund account is not Program income and shall be remitted promptly to City. <br />Section 4. Documentation and Record Keeping. <br />A. Records to be Maintained. Subrecipient shall maintain all records required by the <br />Federal regulations specified in 24 CFR 570.506 that are pertinent to the activities to be funded <br />under this Agreement. Such records shall include but not be limited to: <br />1. Records providing a full description of each Activity undertaken; <br />2. Records demonstrating that each Activity undertaken meets one of the <br />National Objectives of the CDBG program; <br />3. Records required to determine the eligibility of Activities; <br />4. Records required to document the acquisition, improvement, use or <br />disposition of real property acquired or improved with CDBG assistance; <br />5. Records documenting compliance with the fair housing and equal <br />opportunity components of the CDBG program; <br />Page 3 of 14 <br />