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EXHIBIT 1 <br />(c) Contributions by the Parties. <br />(1) Administrative Cost Contributions. The County shall be <br />responsible for OCHFT's administrative costs for one year following the creation of <br />OCHFT. After this initial year, and in consideration of the mutual promises <br />contained herein, the Parties agree that they shall make annual contributions <br />towards the budgeted administrative costs of OCHFT in accordance with a cost <br />allocation formula to be approved by the Board of Directors. By unanimous vote, the <br />Board of Directors may waive a parties' contribution toward OCHFT's <br />administrative costs. A Party's contribution to OCHFT's administrative costs shall <br />be in the form of money, unless the Board approves another form of contribution <br />such as services, personal property or use of real or personal property, or other in - <br />kind contributions. The acceptance and valuation of any such non -monetary <br />contributions shall be as determined by the Board. <br />(2) Program Cost Contributions. The particular programs and <br />program budget, funded, sponsored or operated by OCHFT, as well as the level of, <br />and mechanisms for, the involvement of OCHFT and each Party, in such programs <br />and program budget, shall be determined and approved by the Board of Directors. <br />A Party's individual contribution, involvement and role in any particular program <br />or the budgeted program costs shall be as may be mutually agreed between the <br />Party and OCHFT. <br />(d) Accounts and Reports. <br />(1) Books and Records. There shall be strict accountability of all <br />OCHFT funds and accounts and report of all OCHFT receipts and disbursements. <br />Without limiting the generality of the foregoing, OCHFT shall establish and <br />maintain such funds and accounts as may be required by good accounting practice. <br />The books and records of OCHFT shall be open to inspection at all reasonable times <br />by each Party and its duly authorized representatives. <br />(2) Annual Audit. The person appointed by the Board of Directors to <br />perform the auditor function for OCHFT shall cause an annual independent audit of <br />the accounts and records of OCHFT and records to be made by a certified public <br />accountant or firm of certified public accountants in accordance with Government <br />Code section 6505. Such audits shall be delivered to each Party and shall be made <br />available to the public. <br />(3) Annual Financial Report. Pursuant to section 6539.5 of the <br />Government Code, OCHFT shall publish an Annual Financial Report that shall <br />describe the funds received by OCHFT and the use of such funds by OCHFT. The <br />Annual Financial Report shall describe how the funds received by OCHFT have <br />furthered the purpose of OCHFT. <br />(e) Funds. Subject to the applicable provisions of any instrument or <br />agreement which OCHFT may enter into, which may provide for a trustee or other <br />fiscal agent to receive, have custody of and disburse OCHFT funds, the person <br />appointed by the Board of Directors to perform the treasurer function for OCHFT <br />shall receive, have the custody of and disburse OCHFT funds as nearly as possible <br />in accordance with generally accepted accounting practices, shall make the <br />disbursements required by this Agreement or to carry out any of the provisions or <br />purposes of this Agreement. <br />55C-19 <br />