Res 1995-046 - Laserfiche WebLink

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cl&P -5- Circular A-87, as supplemented by the rules promulgated by the Office of the Governor under the Uniform Grant and Contract Management Act (Texas Government Code Chapter 783), and this contract. B. The Foundation agrees to comply with the standards set forth in section 570.479 of the Regulations to account for program income related to the Incubator. "Program income" is defined as the gross income received by the city that was generated from the use of CDBG funds. .', C. The Foundation agrees to maintain records of the receipt, accrual, and disposition of all Incubator program income in the same manner as required for all other funds under this contract, and the Foundation shall provide reports of program income to the City monthly and in cumulative form at the termination of' this ~ contract. The Foundation agrees to report the amount of program income recaptured to the City with updates concerning the status of outstanding loans or leases, including but not limited to payments received and amendments to the original loan or lease agreement, as required by this contract. The Foundation acknowledges that all program income earned by the City from this contract must be sent to the Department by the City within ten days after receipt by the city. SECTION 7. RETENTION AND ACCESSIBILITY OF RECORDS A. The City and the Foundation, for their respective obligations under this contract, agree to maintain fiscal records and supporting documentation for all expenditures of funds made under this contract in a manner which conforms to OMB Circular A-87, Section 570.490 of the Regulations, and this contract. These records must include data on the racial, ethnic and gender characteristics of persons who are applicants for, participants in, or beneficiaries of the funds provided under this contract. city