Common use of Payment and Reporting Requirements Clause in Contracts

Payment and Reporting Requirements. The Subrecipient must comply with the following payment and reporting procedures: (a) The Subrecipient must utilize the Cash Request page or section of FRS to control the cash requirements for program operations. OWD reserves the right to monitor and, when deemed necessary by OWD, restrict cash flow to prevent accumulation of excess cash. Excess cash shall be defined as cash on hand in excess of cumulative cash disbursed through the same accounting period. The Subrecipient shall provide an explanation on the monthly Contract Progress Report (CPR) when cumulative cash requested exceeds cumulative cash disbursed reported throughthe same accounting period. FRS will require cumulative cash disbursed to be entered in order to submit the monthly CPR. Cumulative cash disbursed cannot be greater than cumulative cash (b) The Subrecipient must, during the term of this Agreement, prepare and submit monthly to OWD, a monthly CPR. This report shall be reflective of the approved budget line items as outlined in the contract. The Subrecipient must submit this report no later than the close of business on the tenth (10th) calendar day of the month for non-end of quarter months and on the fifteenth (15th) calendar day of the month for end of quarter months following the month for which activities are reported upon to OWD. Reports shall be prepared on an accrual basis, and include all costs incurred for the period, without regard to payment date. The Subrecipient shall utilize the Final Report feature on the CPR when closing out each funding contract. FRS will require the CPR to be marked final and closeout report completed on all CPRs when the cumulative expenditures and cash drawn match the budget. (c) The Subrecipient must comply with the OWD Issuance for Program Year 2021/Fiscal Year 2022 Workforce Innovation and Opportunity Act Formula Allocations to Local Workforce Development Boards for Adult, Youth, and Dislocated Worker Programs Policy regarding the completion of Planning Budget Summaries (PBS). (d) The Subrecipient must comply with the terms and conditions concerning closeout of the sub- award in 2 CFR 200.343, Closeout, with the exception that after the period of performance is complete, the Subrecipient will have two (2) CPR cycles instead of ninety (90) calendar days where applicable. All CPRs that have cumulative expenditures and cash drawn fully reported in FRS will now be required to submit the closeout report in FRS in order to submit the CPRs. (e) The Subrecipient assures that it and its subrecipients shall establish in accordance with WIOA (Pub. L. 113- 128, as amended) Section 184, fiscal control and fund accounting procedures that may be necessary to ensure the proper disbursement of and accounting for funds made available by this Agreement. (f) The Subrecipient must submit a Program Income Report in accordance with 2 Code of Federal Regulations (CFR) 200.

Payment and Reporting Requirements. 3.1 The Subrecipient must comply with City shall disperse the following payment and reporting procedures: (a) The Subrecipient must utilize Provincial Contribution to the Cash Request page or section of FRS Recipient pursuant to control the cash requirements for program operations. OWD reserves the right to monitor and, when deemed necessary by OWD, restrict cash flow to prevent accumulation of excess cash. Excess cash shall be defined as cash on hand in excess of cumulative cash disbursed through the same accounting period. The Subrecipient shall provide an explanation on the monthly Contract Progress Report (CPR) when cumulative cash requested exceeds cumulative cash disbursed reported throughthe same accounting period. FRS will require cumulative cash disbursed to be entered in order to submit the monthly CPR. Cumulative cash disbursed cannot be greater than cumulative cash (b) The Subrecipient must, during the term of this Agreement, prepare and submit monthly to OWD, a monthly CPR. This report shall be reflective of the approved budget line items as outlined in the contract. The Subrecipient must submit this report no later than the close of business on the tenth (10th) calendar day of the month for non-end of quarter months and on the fifteenth (15th) calendar day of the month for end of quarter months following the month for which activities are reported upon to OWD. Reports shall be prepared on an accrual basis, and include all costs incurred for the period, without regard to payment date. The Subrecipient shall utilize the Final Report feature on the CPR when closing out each funding contract. FRS will require the CPR to be marked final and closeout report completed on all CPRs when the cumulative expenditures and cash drawn match the budget. (c) The Subrecipient must comply with the OWD Issuance for Program Year 2021/Fiscal Year 2022 Workforce Innovation and Opportunity Act Formula Allocations to Local Workforce Development Boards for Adult, Youth, and Dislocated Worker Programs Policy regarding the completion of Planning Budget Summaries (PBS). (d) The Subrecipient must comply with the terms and conditions concerning closeout of the sub- award Provincial Contribution Agreement, and in 2 CFR 200.343, Closeoutaccordance with the Project Timelines. A detailed payment schedule will be included in Schedule “D” once the RFP process to undertake the Phase 1 renovation of the building is concluded and negotiated Project budgets are finalized, with the exception approval of the City’s Director of Economic Development and Innovation. 3.2 In the event that after the period Recipient fails to comply with any of performance is completethe conditions precedent set out in this Agreement, or any applicable legislation, including default in obtaining any necessary permits, approvals or licenses, the Subrecipient will have two City may, in its sole and absolute discretion, withhold payment of or discontinue the Provincial Contribution towards the Project and terminate this Agreement, upon thirty (230) CPR cycles instead of ninety (90) calendar days where applicable. All CPRs that have cumulative expenditures written notice to the Recipient and cash drawn fully reported in FRS will now the City shall not be required liable to pay the Provincial Contribution to the Recipient. 3.3 The Recipient agrees to submit to the closeout City’s Director of Economic Development and Innovation for review and acceptance, all costs incurred by the Recipient related to the development and construction of the Innovation Centre Facility for reimbursement accompanied by a Project status report as required under the “Reporting Requirements” in FRS Schedule “C” of the Provincial Contribution Agreement (attached as Schedule “A” to this agreement). Upon receipt, the City’s Director of Economic Development and Innovation shall review the request for payment and confirm eligible costs that are payable in order to submit the CPRswriting within two weeks of receipt. (e) 3.4 In the event that the Recipient disputes the City’s determination that a cost incurred by the Recipient for the Project submitted for reimbursement is not an “eligible cost” as described in the Provincial Contribution Agreement, the Parties shall consult with the Province for final determination. The Subrecipient assures Recipient is responsible for any costs that it are not eligible under the Provincial Contribution Agreement or that exceed the Project budget for Phase 1. 3.5 The Recipient shall submit to the City’s Director of Economic Development and its subrecipients Innovation an Annual Report no later than March 31 of each funding year, and Annual Audited Financial Statements no later than June 30 of each funding year. The Recipient shall establish in accordance with WIOA (Pub. L. 113- 128submit to the City’s Director of Economic Development and Innovation a final Report and final Audited Financial Statements, within 120 days after completion of the development and construction of the Innovation Centre Facility, as amended) Section 184, fiscal control and fund accounting procedures that may be necessary to ensure required under Schedule “C” of the proper disbursement of and accounting for funds made available by this Provincial Contribution Agreement. (f) 3.6 The Subrecipient must Recipient shall submit Quarterly Reports to the City’s Director of Economic Development and Innovation, no later than 30 days following the end of each Quarter, detailing activities and outcomes as required under the “Reporting Requirements” in Schedule “H”). 3.7 For the purposes of clarification or when specific issues arise, the City may request the Recipient to provide reasonable additional documentation within 30 days of such request. 3.8 A Detailed Phase 2 Component Business Plan related to the 12-storey, 180,000 square foot tower on the same site and adjacent to the Innovation Centre Facility, will be required in the final report related to Phase 1 completion, which is due within 120 days after completion of Phase 1 of the Project, as a Program Income Report in accordance with requirement to release the final reserved portion of the Provincial Contribution related to Phase 1, as determined by the City’s Director of Economic Development and Innovation. The City’s Director of Economic Development and Innovation may require additional terms and conditions for approval of the Phase 2 Code of Federal Regulations (CFR) 200Business Plan.