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B. If Administrator is a non-profit or for-profit organization, Administrator shall comply with requirements of OMB Circular No. A-122 and the requirements of 24 C.F.R. Pai-t 84 unless otherwise specified in this contract. C. Administrator may not retain program income ar Cominunity Housing Development Organization income proceeds of any kind, however derived, under this contract, including the retention of progranl income to fund other eligible HOME activities. Administrator shall comply with the requirements of 24 C.F.R. §92.503 to account for program income, repayments, and recaptured funds related to activities financed in whole or in part with funds provided under this contract. Administrator shall provide reports of program income as requested by Department. Program income derived under this contract must be submitted to Department within seven (7) business days of receipt. In any event, program income received from a prior HOME contract must be disbursed before Administrator requests additional funds from Department and the amount of requested funds should be reduced by the program income used and noted in the request. D. If Administrator is not a government entity, Administratar shall maintain director or officer liability insurance coverage in an amount, not less than $1,000,000 that is sufficient to protect the uiterests of Department in the event an actionable act or omission by a director or officer of Administratar damages the Department's interests. Administrator shall provide Department with certificates of insurance evidencing Administrator's current and effective insurance coverage. Administrator agrees to notify the Department inunediately upon receipt of notification of the termination, cancellation, expiration, or modification of any required insurance coverage or policy endorsements. Administratar agrees to suspend the performance of all work performed under this contract until the Administrator satisfies the required coverage requirements, obtains the required policy endorsements and delivers to Department certificates of insurance evidencing that such coverage and policy endorsements are current and effective, and receives notification from Department that the performance of work under this contract may recommence. SECTION 6. RETENTION AND ACCESSIBILITY OF RECORDS A. Administrator shall establish and maintain sufficient records, as specified by Department and in accordance with 24 C.F.R. §92.508, including records that demonstrate that each household assisted with funds provided under this contract is income eligible in accordance with 24 C.F.R. §921203. B. Administrator agrees that Department, HUD, the Auditor of the State of Texas, the United States General Accounting Office, the Comptroller of the United States, or any of their duly authorized representatives, shall have the right to access and to examine all books, accounts, records, reports, files, and other papers or property belonging to or in use by Administrator pertaining to this contract. Administrator agrees to maintain such records at its regular place of business. C. All records pertinent to this contract shall be retained by Administrator for a penod of five (5) years in accordance with 24 C.F.R. §92.508(c), except: 1. If any litigation, claim, negotiation, audit, monitoring, inspection or other action has started before the expiration of the required record retention period records HOME Contract # 1001053 Page 4 of 21 ~ D