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The use of program income by the Subrecipient shall comply with the requirements set <br />forth at 24 CFR 570.504. By way of further limitations, the Subrecipient may use such <br />income during the contract period for activities permitted under this contract and shall <br />reduce requests for additional funds by the amount of any such program income <br />balances on hand. All unexpended program income shall be returned to the City at the <br />end of the contract period. Any interest earned on cash advances from the U.S. <br />Treasury and from funds held in a revolving fund account is not program income and <br />shall be remitted promptly to the City. <br />2. Indirect Costs <br />If indirect costs are charged, the Subrecipient will develop an indirect cost allocation plan <br />for determining the appropriate Subrecipient's share of administrative costs and shall <br />submit such plan to the City for approval, in a form specified by the City. <br />3. Payment Procedures <br />The City will pay to the Subrecipient funds available under this Agreement based upon <br />information submitted by the Subrecipient and consistent with any approved budget and <br />City policy concerning payments. With the exception of certain advances, payments will <br />be made for eligible expenses actually incurred by the Subrecipient, and not to exceed <br />actual cash requirements. Payments will be adjusted by the City in accordance with <br />advance fund and program income balances available in Subrecipient accounts. In <br />addition, the City reserves the right to liquidate funds available under this contract for <br />costs incurred by the City on behalf of the Subrecipient. <br />4. Progress Reports <br />The Subrecipient shall submit regular Progress Reports to the City in the form, content, <br />and frequency as required by the City. <br />D. Procurement <br />1. Compliance <br />The Subrecipient shall comply with current City policy concerning the purchase of <br />equipment and shall maintain inventory records of all non - expendable personal property <br />as defined by such policy as may be procured with funds provided herein. All program <br />assets (unexpended program income, property, equipment, etc.) shall revert to the City <br />upon termination of this Agreement. <br />2. Q AR Ctanr af4s <br />Unless specified otherwise within this agreement, the Subrecipient shall procure all <br />materials, property, or services in accordance with the requirements of24 —Cr,R <br />34 40 A R he UAR. <br />3 Contractor Eligibility <br />FE)F nat .,,,,,,.,,ve 20142015 Template Draft Page 10 <br />