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II. Administrative Requirements <br /> A. Financial Management <br /> 1. Accounting Standards: The Subrecipient agrees to comply with 2 CFR 200 <br /> Uniform Administrative Requirements and agrees to adhere to the accounting <br /> principles and procedures required therein, utilize adequate internal controls, <br /> and maintain necessary source documentation for all costs incurred. <br /> 2. Cost Principles: The Subrecipient shall administer its program in conformance <br /> with 2 CFR 200 Uniform Administrative Requirements as applicable. These <br /> principles shall be applied for all costs incurred whether charged on a direct or <br /> indirect basis. <br /> B. Documentation and Record-Keeping <br /> 1. Records to be Maintained: The Subrecipient shall maintain all records required <br /> by the Federal regulations specified in 24 CFR Part 570.506, that are pertinent <br /> to the activities to be funded under this Agreement. Such records shall include <br /> 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 <br /> Objective and subcategory of the CDBG program listed in Exhibit A, <br /> Section I.B; <br /> c. Records required to determine the eligibility of activities; <br /> d. Records required to document the acquisition, improvement, use or <br /> disposition of real property acquired or improved with CDBG assistance; <br /> e. Records documenting compliance with the fair housing and equal <br /> opportunity components of the CDBG program; <br /> f. Financial records as required by 24 CFR Part 570.502, and 2 CFR 200 <br /> Uniform Administrative Requirements; and <br /> g. Other records necessary to document compliance with Subpart K of 24 <br /> CFR 570. <br /> The Subrecipient shall report this information quarterly on Exhibit "E". <br /> 2. Retention: The Subrecipient shall retain all financial records, supporting <br /> documents, statistical records, and all other records pertinent to the <br /> Agreement for a period of seven (7) years. The retention period begins on the <br /> date of the submission of the City's annual performance and evaluation report <br /> 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, <br />