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San Marcos, TX 78666 <br />Subrecipient <br />Project Manager: <br />Amy Thomaides, Community Enhancement Initiatives Manager <br />ARTICLE 9. ACCESSIBILITY AND MAINTENANCE OF RECORDS <br />9.1 Maintenance. The SUBRECIPIENT shall maintain a record keeping system for all of its <br />activities, including program records and financial management records, which support <br />and document all expenditures of funds made under this Agreement, in accordance <br />with federal regulations, state rules, and the Agreement. This section shall not be <br />interpreted to require maintenance of multiple exact duplicate copies of any record or <br />document. <br />9.2 Retention. All records must be maintained for a minimum of seven (7) years <br />following final reimbursement. In the event that any litigation or claim is still pending, <br />these records shall be retained until resolution of the litigation or claim. KTB, KTB's <br />funding agency, or their designees shall have access to all records that are directly <br />applicable to this Agreement for the purpose of making audit examinations. <br />ARTICLE 10. AUDITS <br />10.1 Audits. SUBRECIPIENT agrees that KTB, and/or the Federal Government may <br />conduct an audit or investigation related to funds received under this Agreement. <br />10.2 Submission of Audits. As applicable, the SUBRECIPIENT shall provide KTB, for its <br />review, a copy of any audit received as a result of SUBRECIPIENT policy or audits of <br />federal and State governments relating to the expenditure of funds under this <br />Agreement. Such audits shall include or be accompanied by any applicable audit <br />management letter issued and applicable responses to the auditor's findings and <br />recommendations. All audits shall be submitted to KTB within thirty (30) days of receipt <br />of each issued report. <br />10.3 Single Audit Act. As applicable, the SUBRECIPIENT shall comply with the <br />requirements of the audit provisions of 2 CFR Part 200, Subpart F, which requires that <br />a non -Federal entity that expends $750,000 or more during the non-federal entity's <br />fiscal year in Federal awards must have a single or program -specific audit conducted <br />for that year. <br />10.4 Financial Records. The SUBRECIPIENT understands that acceptance of funds <br />under this Agreement acts as acceptance of the authority of KTB, KTB's funding <br />agency, or their designees to conduct an audit or investigation in connection with those <br />funds. The SUBRECIPIENT further agrees to cooperate fully with KTB, KTB's funding <br />agency, or their designees in the performance of an audit or investigation, including <br />providing access to conduct financial and program monitoring of funding awarded to <br />the SUBRECIPIENT under this Agreement and to perform an audit of related records <br />that may encompass an examination of financial transactions, accounts and reports, <br />as well as an evaluation of compliance with the terms and conditions of this <br />Agreement. <br />10.5 Subcontractors. The SUBRECIPIENT will ensure that the aforementioned clause <br />concerning the authority to audit funds received indirectly by subcontractors through <br />the SUBRECIPIENT and the requirement to cooperate is included in any subcontract it <br />Memorandum of Understanding Page 2 <br />