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8 <br /> g. The minimum threshold for gross operating profit to earn an incentive <br /> payment is two million($2,000,000.00) in 2008 and rises fifty thousand <br /> ($50,000.00) in each subsequent calendar year. <br /> h. The percentage incentive payment to the Contractor increases based upon <br /> the gross operating profit range. For example, if in calendar year 2008, <br /> the gross operating profit is two million two hundred fifty thousand dollars <br /> ($2,250,000.00) (category 3), the incentive payment to the Contractor <br /> would be twenty nine thousand dollars ($29,000.00) based on the <br /> following; <br /> 1) .10 times $100,000 (or$10,000) + <br /> 2) .12 times $100,000 (or$12,000) + <br /> 3) .14 times $ 50,000 (or$ 7,000) <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 <br /> purposes of accepting deposits of all revenues received by Contractor <br /> under this Contract. The funds in this account are the property of the City. <br /> Payments by the Contractor from this account are prohibited. <br /> b. All revenues from green fees, golf car rentals, cart rentals, Pro Shop, <br /> restaurant, lessons, equipment rentals and any other revenues from the <br /> courses are the property of the City and not part of the fees or <br /> consideration paid to the Contractor. These revenues shall be deposited <br /> into the City's Bank Account daily or no later than the close of the <br /> following business day in accordance with procedures prescribed by the <br /> City's Internal Control Manual,which is part of the City's Cash Handling <br /> Policy (Exhibit K). No deposits of courses' revenue may be made into <br /> any other bank account for any purpose or under any circumstance. <br /> c. Deposits shall be collected and deposited through a City commercial <br /> armored-car service. Armored car service is arranged by the City and <br /> therefore is not a 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 <br /> and supporting documentation, such as a copy of deposit tickets, credit <br /> and deposit and Point of Sale sales reports, on a daily basis. <br /> 2. Monthly Reports and Transactions <br /> 23 <br />