Laserfiche WebLink
<br />limitations, the Subrecipient may use such income during the contract period for <br />activities permitted under this Agreement and shall reduce requests for additional <br />funds by the amount of any such program income balances on hand. All unused <br />program income shall be returned to the Grantee at the end of the contract period. <br />Any interest earned on cash advances from the U.S. Treasury is not program <br />income and shall be remitted promptly to the Grantee. <br /> <br />3. Indirect Costs <br /> <br />If indirect costs are charged, the Subrecipient will develop an indirect cost <br />allocation plan for determining the appropriate Grantee share of administrative <br />costs and shall submit such plan to the Grantee for approval. <br /> <br />4. Payment Procedures <br /> <br />The Grantee will pay to the Subrecipient funds available under this Agreement <br />based upon information submitted by the Subrecipient and consistent with any <br />approved budget and county policy concerning payment. With the exception of <br />certain advances, payments will be made for eligible expenses actually incurred by <br />the Subrecipient, and not to exceed actual cash requirements. Payments will be <br />adjusted by the Grantee in accordance with advance fund and program income <br />balances available in Subrecipient accounts. In addition, the Grantee reserves the <br />right to liquidate funds available under this Agreement for costs incurred by the <br />Grantee on behalf of the Subrecipient. <br /> <br />D. Procurement <br /> <br />1. Compliance <br /> <br />The Subrecipient shall comply with state law concemmg the purchase of <br />equipment and services. Any real or personal property under Subrecipient's <br />control that was acquired or improved in whole or in part with CDBG funds must <br />either be: <br /> <br />a. Used by the Subrecipient to meet one of the national objectives in 24 <br />C.F.R. 570.200(a) (2) and (3) until 5 years after expiration or <br />termination of the Grantee's Agreement with HUD; or <br /> <br />b. Transferred to the Grantee; or <br /> <br />c. Disposed of in a manner, consistent with 24 C..F .R. 85.31, which results <br />in the amount of the then current fair market value of the property less <br />any portion thereof attributable to expenditures of non-CDBG funds <br />for acquisition thereof, or improvements to, the property being <br />reimbursed to the Grantee. Such reimbursement is not required if <br /> <br />11 <br />