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audit made in accordance with 24 C.P.R. Part 44 and OMB Circular A-133. All audits shall be submitted to the COUNTY within six months of the close of the AGENCY's fiscal year and shall be prepared by an independent auditor who meets the independence standards specified in the General Accounting Office's yellow book, "Government Auditing Standards". The AGENCY shall submit a copy of the annual financial audited statements with the management compliance letter as such letter pertains to the project in which HOME funds are utilized. Such audit statements shall be submitted to the Director of Community Development within six months of the end of the AGENCY's fiscal year. 3 . RECORDS The AGENCY must maintain sufficient records to enable H.U.D. to determine compliance with the requirements of 24 C.P.R. Part 92. Records must be kept in a manner that identifies the source of funds of each project (e.g. allocation and reallocation identified by federal fiscal year appropriation and funds in the local amount of the HOME Investment Trust Fund). At a minimum, the AGENCY must maintain the records required by 24 C.F.R. §§ 92.508(a)(3), (4), (5). 4 . RETENTION OF RECORDS . Required records shall be retained for a period of three (3) years after closeout of HOME fund, except that records relating to litigation, the duration of affordability, and displacement and acquisition must be maintained in accordance with 24 C.F.R. § 92.508(c). 5 . REPORTS The AGENCY shall submit reports as required by the COUNTY on a monthly and annual basis and also prior to project execution. COUNTY AGENCY By: By: Its: Terry Schutten County Manager Its: Dated: Dated: APPROVAL RECOMMENDED: APPROVED AS TO FORM: Page -19-