Accounting Standards. All CDBG Program Funds received by the Subrecipient from the Grantee pursuant to this Contract shall be maintained separate and apart from any other funds of the Subrecipient or of any principal or member of the Subrecipient in an account in a federally insured banking or savings and loan institution. Additionally, the Subrecipient agrees to comply with 2 CFR Part 200 and agrees to adhere to the accounting principles and procedures required therein, utilize adequate internal controls, and maintain necessary source documentation for all costs incurred.
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