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Page 6 of 17 <br />B. Pursuant to 2 CFR §200.331(a)(4), the Indirect Cost Rate for the <br />SUBRECIPIENT’s award shall be an approved federally recognized indirect cost rate negotiated <br />between the SUBRECIPIENT and the Federal government, or, if no such rate exists, either a rate <br />negotiated between the CITY and the SUBRECIPIENT, or a de minimis indirect cost rate as defined in <br />2 CFR §200.414(b) Indirect (F&A) costs. <br />C. SUBRECIPIENT has the ability to adjust line item amounts in the budget with <br />the approval of the Executive Director, so long as the total Budget amount does not increase. <br />D. CITY agrees to provide for on-site monitoring reviews of said program <br />operation at least annually. In addition, monthly desktop reviews of pertinent information will be <br />conducted. <br />E. CITY has the right to de-obligate the funds hereunder, and take such funding <br />back from SUBRECIPIENT, due to any of the following reasons: (a) lack of performance by <br />SUBRECIPIENT; (b) lack of fiscal accountability of SUBRECIPIENT; or (c) decrease in available <br />funding. <br />III. <br />TERM OF AGREEMENT <br />A. This Agreement shall commence on July 1, 2023, and all duties arising under <br />this Agreement shall have been performed by June 30, 2024. The Term of this Agreement may be <br />extended by a writing executed by the City Manager and the City Attorney. SUBRECIPIENT <br />acknowledges and agrees that it must provide follow-up services for one (1) year after the Term, <br />whether funded or not. <br />B. SUBRECIPIENT agrees to comply with the closeout procedures detailed in 2 <br />CFR §200.343, including the following: <br />1. SUBRECIPIENT must submit, no later than ninety (90) calendar days <br />after the end date of the period of performance, all financial, performance, and other reports as required <br />by the terms and conditions of the Federal award; <br />2.Unless the CITY authorizes an extension, SUBRECIPIENT must <br />liquidate all obligations incurred under the Federal award not later than ninety (90) calendar days after <br />the end date of the period of performance as specified in the terms and conditions of the Federal award; <br />3.SUBRECIPIENT must promptly refund any balances of unobligated cash <br />that the CITY paid in advance or paid and that is not authorized to be retained by SUBRECIPIENT for <br />use in other projects (See OMB Circular A-129 and 2 CFR §200.345); <br />4.SUBRECIPIENT must account for any real and personal property <br />acquired with Federal funds or received from the Federal government in accordance with 2 CFR <br />§§200.310-200.316 and 200.329; and, <br />EXHIBIT 1