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Hastings 2005 Subredpient Agreement Page 4 of 11 the Grantee by or before the thirtieth day of October, January, April, and July. 6. Maintain records in accordance with its retention schedule or for three years after the completion of the Activity, whichever is longer. Such records shall be made available for audit or inspection at any time upon request of the Grantee or its authorized representative. K. Program Income. Program income is defined in 24 CFR 570.500(a) with requirements set forth in 24 CFR 570.504 (c). The Subrecipient shall return all program income immediately to the Grantee except for revolving accounts approved by the Grantee. Program. income will be disbursed according to the Program Income Policy attached as Exhibit K. (See Exhibit H for 24 CFR 570.500 and 570.504) L. Reversion of Assets. Upon the expiration of this agreement, the Subrecipient shall transfer to the Grantee any CDBG funds on hand at the time of expiration and any accounts receivable attributable to the use of COBG funds. Any real property under the Subrecipient's control that was acquired or improved in whole or in part with COSG funds in excess of $25,000 shall be: 1. Used to meet one of the national objectives in 24 CFR Part 570.208 (Exhibit A) \mtilfiveyears after the Subrecipient no longer participates in the CDBG Entitlement Program; or ,. / 2. Disposed of in a manner that results in the Grantee's being reimbursed in the amount of the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG fun9s for acquisition of, or improvement to, the property. (Reimbursement is not required after the period of time specified in paragraph III (L)(1) of this section) M. Audit. 1. The Grantee shall have full access to all records relating to performance of this Agreement. 2. The Subrecipient shall submit an audit or, upon prior approval by the Grantee, a copy of their financial statements for the fiscal years the grant is in effect. Audits must be performed by a Certified Public Accountant in accordance with generally accepted auditing principles and if applicable, OMB Circular A- 133. All audits or financial statements must be submitted to the Grantee within 9 months of the close of the Subrecipient's fiscal year. Failure of the Subrecipient to comply with these requirements may result in the withholding of future payments.