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6. AWARD: It is expressly understood and agreed that in no event will the City pay the Agency more <br />than $113,900.00 (one hundred thirteen thousand nine hundred dollars) for frill, and complete <br />satisfactory performance of this Contract. The City shall compensate the Agency for fulfilling this <br />Contract as provided in accordance with the terms and conditions contained herein. <br />7. PROGRAM INCOME: It is anticipated that no income shall ever be directly generated from this <br />activity. However, if income is received, the Agency :must contact the City regarding how the funds <br />can be used. <br />8. FISCAL AND ADMINISTRATIVE RESPONSIBILITIES: The Agency agrees to comply with the <br />provisions of 24 CFR 576.57(b) and its applicable requirements and standards which include but are <br />not limited to the following: <br />A. Allowable and Allocable Costs. Costs must be necessary, reasonable and directly related to the <br />Scope of Services / Project Description of this Contract. hi addition, costs must be legal and proper. <br />The Budget included in Appendix I shall control amounts of allowable expenditures within budget <br />categories. <br />B. Documentation of Costs. All costs shall be supported by properly executed payrolls, time records, <br />invoices, contracts, or vouchers or other official documentation evidencing in proper detail the <br />nature and propriety of charges. All checks, payrolls, invoices, contracts, vouchers, orders, or other <br />accounting documents pertaining in whole or in part to this Contract shall be clearly identified and <br />readily accessible. <br />C. Restriction on Disbursements. No money under this Contract shall be disbursed by the Agency to <br />any contractor except pursuant to a written contract which incorporates the applicable requirements <br />of this Contract and HUD regulations and unless the contractor is in compliance with HUD <br />requirements for applicable accounting and fiscal matters. <br />D. Records and Reports: <br />1. Establishment and Maintenance of Records. Records shall be maintained in accordance with <br />requirements prescribed by HUD or the City with respect to all matters covered by this <br />Contract. Except as otherwise authorized by HUD, such records shall be maintained for a <br />period of four (4) years after receipt of final payment under this Contract. <br />2. Reports. <br />(a) At such times and in such forms as HUD or the City may require, there shall be furnished <br />to HUD or the City such statements, records, data and information as HUD or the City may <br />request pertaining to matters covered by this Contract. <br />(b) The Agency shall submit to the City periodic progress reports as established in the Scope <br />of Services / Project Description attached as Appendix 1. <br />3. Non -Expendable Property. <br />(a) Inventory. The Agency shall [seep inventory records, acceptable to the City, on all non - <br />expendable property purchased under this Contract. The Agency shall submit an inventory <br />record of all items at the end of the program year and resubmit it each program year with <br />revisions as necessary. <br />(b) Insurance and Maintenance. For all non -expendable property purchased under this <br />Contract, the Agency shall maintain sufficient insurance to cover the cost of replacement <br />due to loss by fire, theft, or accidental damage. The Agency shall also be responsible for <br />the replacement and upkeep of all such property. <br />2 <br />