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2. ProQram Income <br /> The Subrecipient shall report quarterly all program income as defined by 24 CFR <br /> 570.500(a) generated by activities carried out with CDBG funds made available under this <br /> contract. The use of program income by the Subrecipient shall comply with the requirements set <br /> forth by 24 CFR 570.504. By way of further limitations, the Subrecipient may use such income <br /> . during the contract period for activities permitted under the contract and shall reduce request for <br /> additional funds by the amount of any such program income balances as reported the previous <br /> quarter. Any interest eazned on cash advances from the U. S. Treasury is not program income <br /> and shall be remitted promptly to the City. <br /> 3. Payment Procedures <br /> The City will pay to the Subrecipient funds available under this contract based <br /> upon information submitted by the Subrecipient and consistent with any approved budget as long <br /> as they were incuned after the Notice to Proceed was issued, and within the fiscal year as noted <br /> above. Payments will be made for eligible expenses actually incurred by the Subrecipient, and <br /> . not to exceed actual cash requirements. In addition, the City reserves the right to liquidate funds <br /> available under this contract for costs incurred by the City on behalf of the Subrecipient. <br /> 4. Pro�ress Reports <br /> The Subrecipient shall submit regular progress reports to the City in the form and <br /> content as provided by the City on a monthly basis. <br /> D. Procurement <br /> 1. Compliance <br /> The Subrecipient shall comply with current City policies concerning the purchase <br /> of equipment and sha11 maintain inventory records of all non-expendable personal property as <br /> defined by such policy as may be procured with funds provided herein. As long as the <br /> Subrecipient continues to use the equipment for the clientele originally intended and in the <br /> manner originally intended, and as long as the Subrecipient continues to exist,the equipment <br /> sha11 be retained by the Subrecipient. However, in the event of a change in the clientele,use, <br /> manner, etc. of the equipment; and/or if the Subrecipient no longer exists, all equipment will <br /> � revert back to the City. <br /> 2. OMB Standards <br /> The Subrecipient shall procure materials in accordance with the requirements of <br /> Attachment O of OMB Circular A-110, Procurement Standazds, and shall subsequently follow <br /> Attachment N, Property Management Standazds, covering utilization and disposal of property. <br /> 8 <br />