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E. Reversion of Assets <br /> All unexpended funds authorized by the Project Budget (Exhibit C) upon <br /> closeout of the Agreement shall revert to the Snohomish County HOME <br /> Program. The Agency shall, upon expiration or termination of this HOME <br /> Agreement, transfer to the County: <br /> 1. Any HOME funds and Program Income on hand at the time of such <br /> expiration or termination; and <br /> 2. Its rights in any accounts receivable attributable to the use of HOME <br /> funds. <br /> F. Program Income <br /> 1. Program Income is gross income, revenues and receipts of the Agency <br /> derived from activities assisted with HOME funds under this Agreement, <br /> and is fully defined at 24 CFR § 92.2. Subject to provisions in the <br /> following paragraphs (2) through (5), all Program Income derived from <br /> activities assisted with HOME funds provided under this Agreement may <br /> be retained by the Agency if it is used exclusively for additional HOME <br /> projects allowed under, and subject to the terms of, this Agreement. Any <br /> such Program Income which the Agency elects not to retain for such use <br /> shall be remitted to the County. <br /> 2. All HOME Program Income received by the Agency from this Project shall <br /> be deposited in a single, separate HOME Program Income account ("the <br /> Agency account"). The Agency shall record and maintain cumulative <br /> records of the original source (the HOME project) of each deposit to the <br /> Agency account, and the HOME project receiving each disbursement from <br /> the Agency account. Any balance on hand in the Agency account must be <br /> disbursed for eligible costs under any HOME project of the Agency before <br /> the Agency may withdraw HOME funds from the County for this or any <br /> other HOME project. When this operation results in an unintended <br /> transfer of funding resources from one program or project to another, the <br /> Agency may request the County to execute compensating, offsetting <br /> amendments to the respective HOME award amounts, if the respective <br /> HOME agreements have not been terminated or closed. If the respective <br /> HOME agreements have been terminated or closed, the Agency may <br /> remit Program Income to the County and request that the County execute <br /> a corresponding new award. <br /> 3. The Agency shall submit the HOME Monthly Program Income Report, in <br /> the form of Exhibit H of program income receipts to and disbursements <br /> Exhibit A-1 <br /> HCS-16-42-1601-198(1) <br /> City of Everett <br /> Page 17 of 24 <br />