Laserfiche WebLink
SUB-RECIPIENT acknowledges that interest earned on advances of Federal funds, <br /> rebates, credits and discounts do not count as program income. <br /> All Program income generated by CDBG-CV funded activities is to be returned to <br /> the CITY. <br /> XXII. RETURN OF UNEXPENDED FUNDS: SUB-RECIPIENT agrees to return to the CITY any and all <br /> unexpended and/or encumbered grant funds upon the completion or termination of the <br /> Program: <br /> a. If the work program cannot be completed, or if the SUB-RECIPIENT ceases to <br /> function as an operating entity, SUB-RECIPIENT agrees to return to the CITY any <br /> and all unexpended and/or encumbered grant funds. <br /> b. Within thirty (30) days after the closing date of this :Agreement, the SUB- <br /> RECIPIENT shall submit to the CITY expenditure reports and documentation of all <br /> expenses or encumbrances duringthe period covered bythis Agreement.The CITY <br /> will then compare these expenditures with the amount of disbursements issues <br /> to the SUB-RECIPIENT by the CITY. Disbursement of any final payment, if any, <br /> under the Agreement shall not be made until such a comparison has been <br /> completed to the CITY's satisfaction. <br /> L If said expenditures and encumbrances are greater than the <br /> disbursements made to the SUB-RECIPIENT, the CITY will issue a check to <br /> the SUB-RECIPIENT for an amount equal to this difference, up to the <br /> amount of the authorized grant set forth in this Agreement. <br /> ii. If said expenditures and encumbrances are less than the disbursements, <br /> the CITY shall withhold the difference from any final payment to the SUB- <br /> RECIPIENT. If after withholding any such difference, the expenditure and <br /> encumbrances are still less than the disbursements, the SUB-RECIPIENT <br /> shall promptly pay to the CITY a check for the difference of these sums. <br /> iii. Funds paid to the SUB-RECIPIENT in excess of the amount to which the <br /> SUB-RECIPIENT is finally determines to be entitled constitute a debt to the <br /> CITY. If not paid as stipulated in the preceding paragraphs, the CITY may <br /> take other action permitted by law. <br /> iv. A final adjustment will be made to reconcile with the completed audit or <br /> Final Grant Report of CDBG-CV expenditures within thirty (30) days of the <br /> submission of audit to the CITY.Subsequent grant payments or awards will <br /> be withheld until audit or grant report is completed for the current year. <br /> Only the Director of Community Development and/or Neighborhood <br /> Services Manager can release funds if audit or grant report is not <br /> reconciled. <br /> 15 <br />