Laserfiche WebLink
FINANCIAL SUMMARY INSTRUCTIONS: COMMUNITY DEVELOPMENT BLOCK GRANT <br />HUD IDIS Activity and Budget Code(s): The Contract CONTRACT DATA SHEET <br />Data Sheet sent with the executed CDBG contract (or '"'"°" City of South Bend as 14 65400 026 Ory 06/30/2017 <br />amendments) lists the Activity and Budget Code(s) and S.—Ye lmpwv .1. BRIEF PROJECT SUMMARY <br />Activity Title for the project. List each activity assigned to CONTRACT LINE ITEM DETAIL <br />the project and corresponding dollar amount. NDDIDIe NUOIDIB <br />PROJECT ACTIVITY BUDGET NATIONAL DOLLAR <br />:RAWVT NUMBER NUMBER CODE OBJECTIVE ACTIVITY Tr" AMOUNT <br />The remainder of the budget form is self-explanatory. B.Wh e3� zoTA BBsr I. r :1 OTJ LMA TV.NOS—IMP—e—ts vftomea <br />program income (PI) is defined as the gross income �»rf '" - 7162 21A 0-1 Pmgmm Admlrl <br />1PmgmmAemlrl elon SA0mm <br />received by a CDBG grantee or subrecipient that was TOUI C -t1.1 A—t T,6e.000.D0 <br />generated from the use of CDBG funds and equals or exceeds $35,000 in a single calendar year. The table below <br />summarizes PI requirements. Section 4 of the CDBG Management Handbook includes detailed requirements for <br />managing PI. <br />Is it CDBG Program Income & How is it to be Used? <br />Activity that earned income is Activity that earned income is not continuing <br />continuing (ex. housing rehabilitation (ex. housing rehabilitation program no longer offers loans) <br />program still offers loans) Amount earned is $35,000/year or Amount earned is less than <br />greater $35,000/year <br />Income considered Program Income Income considered Program Income Income considered miscellaneous <br />revenue <br />Use of Income: Use of Income: Use of Income: <br />• If. the CDBG contract is still open, If another CDBG contract is open, If another CDBG contract is open, then <br />then the income must be used to then the income must be used the revenue must be used before <br />continue the activity. before additional CDBG funds are additional CDBG funds are drawn. <br />• The income must be used before drawn. Deduct the income on the Deduct the income on the next CDBG <br />additional CDBG funds are drawn. next CDBG reimbursement request. reimbursement request. <br />Deduct the income on the next • Otherwise, • Otherwise, the revenue may be used <br />CDBG invoice voucher to the state. 1. If submitting a new CDBG for any community development <br />■ If the CDBG contract is closed but application, the income must be activity. Recommended use: <br />the activity is continuing, the included as a resource in the 1. A CDBG eligible activity <br />income must be used to continue application's project budget, or 2. A project benefiting low- and <br />the activity and sustain the local 2. The income may be used for any moderate -income persons <br />program (such as using the income CDBG eligible activity that 3. As a resource in a new CDBG <br />for more loans) benefits low- and moderate- application <br />• The activity must continue to meet income persons with CDBG • CDBG compliance is not required (i.e. <br />the CDBG eligibility criteria. approval. federal labor standards.) <br />■ CDBG compliance is required (i.e. • CDBG compliance is required (i.e. <br />procurement, environmental procurement, environmental review, <br />review, federal labor standards.) federal labor standards.) <br />Reporting: Reporting: <br />• Must submit a Program Income Reuse Plan by closeout or first loan payment • Must maintain records to track <br />(housing rehabilitation, economic development or other) whichever is earlier. income earned from any CDBG activity <br />• Must maintain records to track income earned from any CDBG activity awarded awarded to the local government. <br />to the local government. III Must document that the aggregate <br />• Must submit to Commerce an annual Program Income Report, detailing the income is under the $35,000 Program <br />receipt and use of income, attachment 4-A. Income annual threshold. <br />NOTE: If the local government does not expect to exceed the $35,000 threshold and uses some of the income, but then does <br />exceed the threshold by the end of the year, then any Program Income funded activity must have complied with all CDBG <br />compliance requirements including environmental review, labor standards, etc. and reported to Commerce. <br />CDBG Contract Closeout Report 5 <br />