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c. ATTACHMENT 1S.C (8) deemed necessary, to audit, examine, and make excerpts or transcripts of all relevantdata. Any deficiencies noted in audit reports must be fully cleared by the Subrecipient within30 days after receipt by the Subrecipient. Faiture of the Subrecipient to comply with theabove audit requirements will constitute a violation of this Agreement and may result inthe withholding of future payments. The Subrecipient that expends S750,ooo or more in a fiscal year in federal funds from allsources hereby agrees to have an annual agency audit conducted in accordance withcurrent Local Government policy concerning subrecipient audits and 2 cRF 200.501. Thecatalog of Federar Domestic Assistance (CFDA) number is14.z2g. Reporting l. Program lncome The subrecipient will report annually all program income (as defined at 24 cFR570'500(a))generated by activities carried out with cDBG funds made available underthis Agreement, The use of program income by the Subrecipient will comply with therequirements set forth at 24 CFR 570.504. 2. Periodic Reoorts The subrecipient, at such times and in such forms as the Local Government may require,will furnish the Local Government such periodic reports as it may request pertaining tothe work or services undertaken pursuant to this Agreement, the costs and obligationsincurred or to be incurred in connection therewith, and any other matters covered bythis Agreement. Use and Reversion of Assets The use and disposition of real property and equipment under this Agreement will be incompliance with the requirements of 2 cFR 200.311 and 313, 24 cFR 570.502,570.503, 570'504, as applicable, which include but are not limited to the following: 1' The subrecipient will transfer to the Local Government any GDBG funds on hand andany accounts receivable attributable to the use of funds under this Agreement at thetime of expiration, cancellation, or termination. 2' Real property under the Subrecipient's control that was acquired or improved, in wholeor in part, with funds under this Agreement in excess of S2S,000 will be used to meetone of the GDBG National objectives pursuant to 24 cFR 570.20g until ten (L0) years after the contract between Commerce and the Local Government is closed, lf thesubrecipient fails to use cDBG-assisted real property in a manner that meets a GDBGNational objective for this L0-year period of time, the Subrecipient will pay the LocalGovernment an amount equal to the current fair market value of the property less anyportion of the value attributable to expenditures of non-CDBG funds for acquisition of,or improvement to, the property after the GDBG program,s approval. such payment willconstitute program income to the Local Government. The Subrecipient may retain realproperty acquired or improved under this Agreement after the expiration of the ten-year period, D Contract Page 009 Page 8 of 14 Revised ll25/2A2t