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c.Disbursements will be restricted to the support and implementation of the Project only. <br />7.The Fiscal Sponsor will maintain all financial records relating to the Project according to <br />generally accepted accounting principles, retain records as long as required by law, and make <br />records available to auditors as required by law. <br />8.The Fiscal Sponsor and the Sponsored Organization will reflect the activities of the Project, to <br />the extent required, on their state and federal government tax returns and financial reports. All <br />disbursements from an Account shall be treated as payments made to or on behalf of the <br />Sponsored Organization to accomplish the purposes of the Project. The Sponsored Organization <br />will provide the Fiscal Sponsor with proper documentation to accomplish this, including <br />furnishing the Fiscal Sponsor with the Sponsored Organization's Federal Employer Identification <br />Number once secured. <br />9.This agreement will be subject to review annually, and will terminate if any of the following <br />events occur: <br />a.The Fiscal Sponsor requests the Sponsored Organization to cease activities that it deems <br />might jeopardize its tax-exempt status and the Project fails to comply within a period of <br />ten (10) days; <br />b.The Sponsored Organization fails to perform or observe any other covenant of this <br />agreement, and this failure remains unremedied fifteen (15) days after notice in writing; <br />c.Upon expiration of four weeks after either the Sponsored Organization or the Fiscal <br />Sponsor has given written notice of its intent to terminate the agreement. <br />2.In the event this Agreement is terminated, the Fiscal Sponsor and Sponsored Organization will <br />comply with any termination conditions imposed by funding organizations. In witness whereof, <br />the parties hereto have executed this Agreement on the day and year first written above. <br />Accepted for the Fiscal Sponsor: <br /> ____________________________ <br />Authorized signer ____________ <br />Date <br />For the City of Hugo: <br /> ____________________________ <br />Authorized signer ____________ <br />Date