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ATTACHMENT 18-C (8) <br />deemed necessary,to audit,examine,and make excerpts or transcripts of all relevant <br />data. <br />Any deficiencies noted in audit reports must be fully cleared by the Subrecipient within <br />30 days after receipt by the Subrecipient.Failure of the Subrecipient to comply with theaboveauditrequirementswillconstituteaviolationofthisAgreementandmayresultin <br />the withholding of future payments. <br />The Subrecipient that expends $750,000 or more in a fiscal year in federal funds from all <br />sources hereby agrees to have an annual agency audit conducted in accordance with <br />current Local Government policy concerning Subrecipient audits and 2 CRF 200.501.The <br />Catalog of Federal Domestic Assistance (CFDA)number is 14.228. <br />C.Reporting <br />1.Program Income <br />The Subrecipient will report annually all program income (as defined at 24 CFR <br />570.500(a))generated by activities carried out with CDBG funds made available under <br />this Agreement.The use of program income by the Subrecipient will comply with the <br />requirements set forth at 24 CFR 570.504. <br />2.Periodic Reports <br />The Subrecipient,at such times and in such forms as the Local Government may require, <br />will furnish the Local Government such periodic reports as it may request pertaining to <br />the work or services undertaken pursuant to this Agreement,the costs and obligations <br />incurred or to be incurred in connection therewith,and any other matters covered by <br />this Agreement. <br />D.Use and Reversion of Assets <br />The use and disposition of real property and equipment under this Agreement will be in <br />compliance 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: <br />1.The Subrecipient will transfer to the Local Government any CDBG funds on hand and <br />any accounts receivable attributable to the use of funds under this Agreement at thetimeofexpiration,cancellation,or termination. <br />2.Real property under the Subrecipient's control that was acquired or improved,in whole <br />or in part,with funds under this Agreement in excess of $25,000 will be used to meet <br />one of the CDBG National Objectives pursuant to 24 CFR 570.208 until ten (10)years <br />after the contract between Commerce and the Local Government is closed.If the <br />Subrecipient fails to use CDBG-assisted real property in a manner that meets a CDBG <br />National Objective for this 10-year period of time,the Subrecipient will pay the Local <br />Government an amount equal to the current fair market value of the property less anyportionofthevalueattributabletoexpendituresofnon-CDBG funds for acquisition of, <br />or improvement to,the property after the CDBG program's approval.Such payment willconstituteprogramincometotheLocalGovernment.The Subrecipient may retain real <br />property acquired or improved under this Agreement after the expiration of the ten-year period. <br />Revised 1/25/2021 <br />Contract Page 009 Page 8 of 14