Agmt26 Rebuilding Together Peninsula National Rebuilding Day

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REV: 03-20-26 LF 8. FINANCIAL STATEMENT/ANALYSIS; INDEPENDENT AUDIT. All Subrecipient records with respect to any matters covered by this Agreement will be made available to City and the Comptroller General of the United States or any of their authorized representatives, at any time during normal business hours, as often as deemed necessary, to audit, examine, and make excerpts or transcripts of all relevant data. Any deficiencies noted in audit reports must be fully cleared by the Subrecipient within 30 days after receipt by the Subrecipient. Failure of the Subrecipient to comply with the above audit requirements will constitute a violation of this Agreement and may result in the withholding of future payments. Subrecipient will provide City with any audits required by the Office of Management and Budget’s (“OMB”) “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,” codified at 2 CFR Part 200. Annual audits will be submitted to City no later than December 31 of each year. 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 law 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 2 CFR Part 200; 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 five (5) 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 acquired ATTY/AGR.2026.075/Rebuilding Together Peninsula (National Rebuilding Day PY 2025) (Page 4 of 17)