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FINANCIAL SUMMARY INSTRUCTIONS: HUO lOIS Activity and Budget Code(s): The Contract Data Sheet sent with the executed CDBG contract (or amendments) lists the Activity and Budget Code(s) and Activity Title for the project. List each activity assigned to the project and corresponding dollar amount. COMMUNITY DEVELOPMENT BLOCK GRANT CONTRACT DATA SHEET ....... "'on City of South Bend ".:.%':.~ 14-65400-026 ~: 06/30/2017 The remainder of the budget form is self-explanatory. Pr ogra m i ncome (PI) is defined as the gross income received by a CDBG grantee or subrecipient that was BR IEF PROJECT SUMMARY HUD lOIS HUD lOIS PROJECT ACTlVrTV BUDGET NATIONAL NUMBER NUMBER CODE DBJEcnvE ACTIVITY TTTl£ 0,.. LMA w.aertgewer Imprcwemenr. ClIIneral Program Admlnl51raUon generated from the use of CDBG funds and equals or exceeds $35,000 in a single calendar year. The table below summarizes PI requirements. Section 4 of the CDBG Management Handbook includes detailed requirements for managing PI. Is it CDBG Program Income & How is it to be Used? Activity that earned income ~ Activity that earned income is not continuing continuing (ex. housing rehabilitation (ex. housing rehabilitation program no longer offers loans) program still offers loans) Amount earned is $35,OOO/year or Amount earned is less than greater $35,OOO/year DOLLAR A.MOUNT 5749,000.00 Sl,ooo.oo Income considered Program Income Income considered Program Income Income considered miscellaneous revenue Use of Income: Use of Income: Use of Income: • If t he CDBG contract is st ili or;!en, • If another CDBG contract is open, • If another CDBG contract is open, then then the income must be used to then the income must be used the revenue must be used before continue the activity. before additional CDBG funds are additional CDBG funds are drawn. • The income must be used before drawn. Deduct the income on the Deduct the income on the next CDBG additional CDBG funds are drawn. next CDBG reimbursement request. reimbursement request. Deduct the income on the next • Otherwise, • Otherwise, the revenue may be used CDBG invoice voucher to the state. 1. If submitting a new CDBG for any community development • If the CDBG contract is closed but application, the income must be activity. Recommended use: t he activ it:i is co nt inuing, the included as a resource in the 1. A CDBG eligible activity income must be used to continue application's project budget, or 2. A project benefiting low-and the activity and sustain the local 2. The income may be used for any moderate-income persons program (such as using the income CDBG eligible activity that 3. As a resource in a new CDBG for more loans) benefits low-and moderate-application • The activity must continue to meet income persons with CDBG • CDBG compliance is not required (I.e. the CDBG eligibility criteria. approval. federal labor standards.) • CDBG compliance is required (I.e. • CDBG compliance is required (I.e. procurement, environmental procurement, environmental review, review, federal labor standards.) federal labor standards.} Reporting: Reporting: • Must submit a Program Income Reuse Plan by closeout or first loan payment • Must maintain records to track (housing rehabilitation, economic development or other) whichever is earlier. income earned from any CDBG activity • Must maintain records to track income earned from any CDBG activity awarded awarded to the local government. to the local government. • Must document that the aggregate • Must submit to Commerce an annual Program Income Report, detailing the income is under the $35,000 Program receipt and use of income, attachment 4-A. Income annual threshold. NOTE: If the local government does not expect to exceed the $35,000 threshold and uses some of the income, but then does exceed the threshold by the end of the year, then any Program Income funded activity must have complied with all CDBG compliance requirements including environmental review, labor standards, etc. and reported to Commerce. CDBG Contract Closeout Report 5