Laserfiche WebLink
fully cleared by the Subrecipient within 30 days after receipt by the Subrecipient. Failure of the <br /> Subrecipient to comply with the above audit requirements will constitute a violation of this <br /> Agreement and may result in the withholding of future payments. The Subrecipient hereby <br /> agrees to have an annual agency audit conducted in accordance with current City policy <br /> concerning Subrecipient audits and, as applicable, 2 CFR Part 200(Uniform Administrative <br /> Requirements, Cost Principles, and Audit Requirements for Federal Awards). <br /> C. Reporting and Payment Procedures <br /> 1. Program Income: The Subrecipient shall report quarterly all program income as defined at 24 <br /> CFR 570.500(a)generated by activities carried out with CDBG funds made available under this <br /> Agreement. The use of program income by the Subrecipient shall comply with the requirements <br /> set forth at 24 CFR 570.504. By way of further limitations,the Subrecipient may use such income <br /> during the contract period for activities permitted under this Agreement and shall reduce <br /> requests for additional funds by the amount of any such program income balances on hand. All <br /> unused program income shall be returned to the City at the end of the contract period. Any <br /> interest earned on cash advances from the U.S. Treasury is not program income and shall be <br /> remitted promptly to the City. <br /> 2. Indirect Costs: If indirect costs are charged,the Subrecipient will develop an indirect cost <br /> allocation plan for determining the appropriate Subrecipient's share of administrative costs and <br /> shall submit such plan to the City for approval, in a form specified by the City. <br /> 3. Payment Procedures and Timing: The City will pay to the Subrecipient funds available under this <br /> Agreement based upon information submitted by the Subrecipient and consistent with any <br /> approved budget and City policy concerning payments. With the exception of certain advances, <br /> payments will be made for eligible expenses actually incurred by the Subrecipient, and not to <br /> exceed actual cash requirements. Payments will be adjusted by the City in accordance with <br /> advance fund and program income balances available in Subrecipient accounts. The Subrecipient <br /> agrees to submit payment request at least quarterly. In addition,the City reserves the right to <br /> liquidate funds available under this Agreement for costs incurred by the City on behalf of the <br /> Subrecipient. <br /> 4. Progress Reports: The Subrecipient shall submit regular Progress Reports to the City in the form, <br /> content, and frequency as required by the City as set forth in Exhibit"A" Section I.D. of this <br /> agreement. <br /> D. Procurement <br /> 1. Compliance: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 as <br /> defined by such policy as may be procured with funds provided herein. All program assets <br />