CC PACKET 07101990 - Laserfiche WebLink

Home Browse Search

B. All funds received by COUNTY under the Act as reimbursement for payment to COOPERATING UNITS for expenditure of local funds for activities funded under the Act shall be deposited in the County Treasury. C. COOPERATING UNIT and COUNTY shall maintain financial and other records and accounts in accordance with requirements of the Act and Regulations. Such records and accounts will be in such form as to permit reports required of the County to be prepared therefrom and to permit the tracing of grant funds and program income to final expenditure. D. COOPERATING UNIT and COUNTY agree to make available all records and accounts with respect to matters covered by this Agreement at all reasonable times to their respective personnel and duly authorized federal officials. Such records shall be retained as provided by law, but in no event for a period of less than three years from the last receipt of program income resulting from activity implementa- tion. COOPERATING UNIT and COUNTY shall perform all audits as may be required of the basic grant amount and resulting program income as required under the Act and Regulations. E. COOPERATING UNIT shall inform COUNTY- of any income generated by the expenditure of CDBG funds it has received and shall pay to COUNTY all program income generated except as derived from activities with an. approved revolving account. When program income is generated by an activity that is only partially assisted with CDBG funds, the income shall be prorated to reflect the percentage of CDBG funds used. 1. COUNTY will retain ten percent (10%) of all program income paid to COUNTY to defray administration expenses. 2. The remaining ninety percent (90%) of the program income paid to COUNTY shall be credited to the grant authority of COOPERAT- ING UNIT whose project generated the program income and shall be used for fundable and eligible CDBG activities consistent with this Agreement. 3. COOPERATING UNIT is authorized to-retain program income derived from projects with an approved revolving account provided such income is used only for eligible activities in accordance with all CDBG requirements as they may apply. 4. COOPERATING UNIT shall maintain appropriate records and make reports to COUNTY as may be needed to enable COUNTY to monitor and report to HUD on the use of any program income. 5. Any program income that is on hand or received subsequent to the closeout or change in status of COOPERATING UNIT shall be paid to COUNTY. �' 6