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2. Cost Principles: The Subgrantee shall administer its program in conformance with OMB <br /> Circulars A-122, "Cost Principles for Non-Profit Organizations", or A-21, "Cost Principles <br /> for Educational Institutions", as applicable. These principles shall be applied for all costs <br /> incurred whether charged on a direct or indirect basis. <br /> [NOTE: For the above sections, if the Subgrantee 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-Keeping <br /> 1. Records to be Maintained: The Subgrantee 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 84.21-28; <br /> and <br /> g. Other records necessary to document compliance with Subpart K of 24 CFR 570. <br /> The Subgrantee shall report this information quarterly on forms provided by the City. <br /> 2. Retention: The Subgrantee shall retain all financial records, supporting documents, <br /> statistical records, and all other records pertinent to the Agreement for a period of four <br /> (4) years. The retention period begins on the date of the submission of the City's annual <br /> performance and evaluation report to HUD in which the activities assisted under the <br /> Agreement are reported on for the final time. Notwithstanding the above, if there is <br /> litigation, 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 such <br /> records must be retained until completion of the actions and resolution of all issues, or <br /> the expiration of the four-year period, whichever occurs later. <br /> B-4 <br />