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accounting principles and procedures required therein, utilize adequate <br /> internal controls, and maintain necessary source documentation for all costs <br /> incurred. <br /> 2. Cost Principles: The Subrecipientshall administer its program in <br /> conformance with 2 CFR 200 Uniform Administrative Requirements as <br /> applicable. These principles shall be applied for all costs incurred whether <br /> charged on a director indirect basis. <br /> B. Documentation and Record-Keeping <br /> 1. Records to be Maintained: The Subrecipientshall maintain all records <br /> required by the Federal regulations specified in 24 CFR Part 570.506, that <br /> are pertinentto the activities to be funded under this Agreement. Such <br /> 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 <br /> National Objective and subcategory of the CDBG program listed in <br /> ExhibitA, Section I.B; <br /> c. Records required to determine the eligibility of activities; <br /> d. Records required to documentthe acquisition, improvement, use or <br /> disposition of real property acquired or improved with CDBG <br /> 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 Subrecipientshall reportth is information quarterly on Exhibit "E". <br /> 2. Retention: The Subrecipientshall retain all financial records,supporting <br /> documents,statistical records, and all other records pertinentto the <br /> Agreement fora period of seven (7) years. The retention period begins on <br /> the date of the submission of the City's annual performance and evaluation <br /> report to HUD in which the activities assisted u n der th e Agreement are <br /> reported on for the final time. Notwithstanding the above, if there is litigation, <br /> claims, audits, negotiations or other actions that involve any of the records <br /> cited and that have started before the expiration of the four-year period, then <br /> such records must be retained until completion of the actions and resolution <br /> of all issues, or the expiration of the four-year period, whicheveroccurs later. <br />