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(d) The RECIPIENT/SUBGRANTEE shall provide the AGENCY/ <br />GRANTEE and the Office of the State Auditor with an annual financial <br />audit report. <br />The annual financial audit report shall include all management <br />letters and the RECIPIENT/SUBGRANTEE's response to all <br />findings, including corrective actions to be taken. <br />(e) In the event the audit shows that the entire funds disbursed hereunder, or <br />any portion thereof, were not spent in accordance with the conditions of <br />this Agreement, the RECIPIENT/ SUBGRANTEE shall be held liable for <br />reimbursement to the AGENCY/GRANTEE of all funds not spent in <br />accordance with these applicable regulations and Agreement provisions <br />within thirty (30) days after the AGENCY/GRANTEE has notified the <br />RECIPIENT/SUBGRANTEE of such non-compliance. <br />(f) If applicable, RECIPIENT/SUBGRANTEE shall conduct audit(s) <br />pursuant to the Single Audit Act of 1984, 31 U.S.C. §7501 et. se~c ., 44 <br />C.F.R. Part 14, OMB Circular A-133, "Audits of States, Local <br />Governments, and non-profit organizations" and applicable North <br />Carolina laws, rules and regulations. The RECIPIENT/ SUBGRANTEE <br />shall retain all financial records, supporting documents, statistical records, <br />and any other documents pertinent to this contract for a period of three <br />years after the date of submission of the final expenditures report. <br />However, if litigation or an audit has been initiated prior to the expiration <br />of the three-year period, the records shall be retained until the litigation or <br />audit findings have been resolved. <br />(15) SUBCONTRACTS <br />(a) If the RECIPIENT/SUBGRANTEE subcontracts any or all of the work <br />required under this Agreement, the RECIPIENT /SUBGRANTEE agrees <br />to include in the subcontract that the subcontractor is bound by the terms <br />and conditions of this Agreement with the AGENCY/GRANTEE. <br />(b) The RECIPIENT/SUBGRANTEE agrees to include in the subcontract that <br />the subcontractor shall hold the AGENCY/ GRANTEE and <br />RECIPIENT/SUBGRANTEE harmless against all claims of whatever <br />nature arising out of the subcontractor's performance of work under this <br />Agreement, to the extent allowed and required by law. <br />Hurricane Floyd Property Acquisition & Relocation Agreement Page 12 HFPAR-4292-0067 Orange County <br />