Agmt20 CDBG - Renaissance Entrepreneurship Center (Igniting the Power of Entrepreneurship)

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9. CITY AUDIT; MONITORING. City may audit the records and accounts of Subrecipient for the purpose of verifying expenditures by Subrecipient of funds provided by City pursuant to this Agreement or verifying statements or analyses made or provided by Subrecipient under this Agreement. Subrecipient will promptly respond to, and comply with, any audit exception made or taken by City or appropriate federal agencies relating to Subrecipient's performance or failure to perform under this Agreement. Subrecipient will, upon demand by City, pay City the full amount owing to City or to the United States Government as a result of any such audit exception. City will monitor Subrecipient's Project and expenditures made pursuant to this Agreement quarterly to verify Subrecipient's compliance with this Agreement and local and federal contract requirements. Subrecipient will cooperate with City and provide all documents and information requested by City in a timely and accurate fashion. 10. DOCUMENTATION AND RECORD-KEEPING. A. Records to be Maintained. The Subrecipient will maintain all records required by the federal regulations specified in 24 CFR Section 570.506, and that are pertinent to the activities to be funded under this Agreement. Such records include, but are not limited to: (i) Records providing a full description of each activity undertaken; (ii) Records demonstrating that each activity undertaken meets a National Objective of the CDBG Program; (iii) Records required to determine the eligibility of activities; (vi) Records required to document the acquisition, improvement, use or disposition of real property acquired or improved with CDBG assistance; (v) Records documenting compliance with the fair housing and equal opportunity component of the CDBG Program; (vi) Financial records as required by 24 CFR Section 570.502, and OMB Circular A-110; or (vii) Other records necessary to document compliance with Subpart K of 24 CFR Part 570. B. Retention. The Subrecipient will retain all records pertinent to expenditures incurred under this Agreement for a period of four (4) years after the termination of all activities funded under this Agreement, or after the resolution of all federal audit findings, whichever occurs later. Records for non -expendable property REV: 08-13-2020 SK ATTY/AGR.2020.145/RENAISSANCE ENTREPRENEURSHIP CENTER (Page 5 of 20)