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required therein, utilize adequate internal controls, and maintain necessary source <br /> documentation for all costs incurred. <br /> 2. Cost Principles: The Subrecipient shall administer its program in conformance with 2 CFR 200 <br /> Uniform Administrative Requirements as applicable. These principles shall be applied for all <br /> costs incurred whether charged on a direct or indirect basis. <br /> B. Documentation and Record-Keeping <br /> 1. Records to be Maintained: The Subrecipient shall maintain all records required by the Federal <br /> regulations specified in 24 CFR Part 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 /> a. Records providing a full description of each activity undertaken; <br /> b. Records demonstrating that each activity undertaken meets the National Objective and <br /> subcategory of the CDBG program listed in Exhibit A, Section I.B; <br /> c. Records required to determine the eligibility of activities; <br /> d. Records required to document the acquisition, improvement, use or disposition of real <br /> property acquired or improved with CDBG assistance; <br /> e. Records documenting compliance with the fair housing and equal opportunity components <br /> of the CDBG program; <br /> f. Financial records as required by 24 CFR Part 570.502, and 2 CFR 200 Uniform <br /> Administrative Requirements;and <br /> g. Other records necessary to document compliance with Subpart K of 24 CFR 570. <br /> The Subrecipient shall report this information quarterly on Exhibit"E". <br /> 2. Retention: The Subrecipient shall retain all financial records, supporting documents, statistical <br /> records, and all other records pertinent to the Agreement for a period of seven (7) years. The <br /> retention period begins on the date of the submission of the City's annual performance and <br /> evaluation report to HUD in which the activities assisted under the Agreement are reported on <br /> for the final time. Notwithstanding the above, if there is litigation, claims, audits, negotiations <br /> or other actions that involve any of the records cited and that have started before the <br /> expiration of the four-year period, then such records must be retained until completion of the <br /> actions and resolution of all issues, or the expiration of the four-year period, whichever occurs <br /> later. <br /> 0 <br />