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2 <br /> 2. Cost Principles: The Contractor shall administer its program in conformance with 24 CFR <br /> Part 85 or 24 CFR Part 84 as described at 570.502. These principles shall be applied for <br /> all costs incurred whether charged on a direct or indirect basis. <br /> [NOTE: For the above sections, if the Contractor is a governmental or quasi-governmental agency, the <br /> applicable sections of 24 CFR Part 85, "Uniform Administrative Requirements for Grants and <br /> Cooperative Agreements to State and Local Governments,"and OMB Circular A-87 would apply.] <br /> B. Documentation and Record-Keepinq <br /> 1. Records to be Maintained: The Contractor shall maintain all records required by the <br /> Federal regulations specified in 24 CFR Part 570.506, that are pertinent to the activities to <br /> be funded 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 one of the National <br /> Objectives of the CDBG program; <br /> c. Records required to determine the eligibility of activities; <br /> d. Records required to document the acquisition, improvement, use or disposition of <br /> real property acquired or improved with CDBG assistance; <br /> e. Records documenting compliance with the fair housing and equal opportunity <br /> components of the CDBG program; <br /> f. Financial records as required by 24 CFR Part 570.502, and 24 CFR Part 84 as <br /> described at 570.502(b); <br /> g. Other records necessary to document compliance with Subpart K of 24 CFR 570. <br /> The Contractor shall report this information quarterly on forms provided by the City. <br /> 2. Retention: The Contractor shall retain all records pertinent to expenditures incurred <br /> under this Agreement for a period of four(4) years after the termination of all activities <br /> funded under this Agreement. Records for non-expendable property acquired with funds <br /> under this Agreement shall be retained for four(4)years after final disposition of such <br /> property. Records for any displaced person must be kept for four(4) years after he/she <br /> has received final payment. Notwithstanding the above, if there is litigation, claims, <br /> audits, negotiations or other actions that involve any of the records cited and that have <br /> started before the expiration of the three-year period, then such records must be retained <br /> until completion of the actions and resolution of all issues, or the expiration of the three- <br /> year period, whichever occurs later. <br /> B-4 13 <br />