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Calculation: 50,000 x 10% = $ 5,000.00 <br /> 50,000 x 12% = $ 6,000.00 <br /> 50,000 x 14% = $ 7,000.00 <br /> 50,000 x 16% = $ 8,000.00 <br /> 50,000 x 18% = $ 9,000.00 <br /> 35,000 x 20% = $ 7,000.00 <br /> Total 2023 Incentive Payment $ 42,000.00 <br /> K. FINANCIAL AND ACCOUNTING PROCEDURES <br /> 1. Bank Account <br /> a. The City will establish a bank account(City's Bank Account)for the purposes <br /> of accepting deposits of all revenues received by Contractor under this Contract. <br /> The funds in this account are the property of the City. Payments by the <br /> Contractor from this account are prohibited. <br /> b. All revenues from green fees, golf cart rentals, hand cart rentals, Pro Shop, <br /> restaurant, lessons, equipment rentals and any other revenues from the courses <br /> are the property of the City and not part of the fees or consideration paid to the <br /> Contractor. These revenues shall be deposited into the City's Bank Account <br /> daily or no later than the close of the following business day in accordance with <br /> procedures prescribed by the City's Internal Control Manual, which is part of <br /> the City's Cash Handling Policy (Exhibit K). No deposits of courses' revenue <br /> may be made into any other bank account for any purpose or under any <br /> circumstance. <br /> c. Deposits shall be collected and deposited through a City commercial armored- <br /> car service. Armored car service is arranged by the City and therefore is not a <br /> direct cost responsibility of the Contractor. <br /> d. The Contractor will provide the City with a daily summary of all receipts <br /> deposited into the City's Bank Account. <br /> e. The Contractor will provide the City with a daily cash collection report and <br /> supporting documentation, such as a copy of deposit tickets, credit and deposit <br /> and Point of Sale sales reports, on a daily basis. <br /> 2. Monthly Reports and Transactions <br /> a. The Contractor shall provide to the City monthly reports of the previous <br /> month's transactions and financial status of the courses: <br /> 1) Within twenty(20)days of the end of each month,the Contractor shall <br /> provide the City with a monthly commentary that includes course income <br /> statements, financial review and narrative. <br /> 21 <br />