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B. Subrecipient Responsibilities <br />The Subrecipient will complete in a satisfactory and proper manner as determined by the Local <br />Government the attached tasks (Attachment A) to accomplish the objectives of the Project. The <br />Subrecipient will periodically meet with the Local Government to review the status of these tasks. <br />2. TIME OF PERFORMANCE <br />The effective date of this Agreement will be January 2, 2024, and complete execution of this <br />agreement will be January 31, 2027. <br />3. BUDGET <br />The Local Government will pass through to the Subrecipient no more than $250,000.00 in CDBG <br />funds for eligible incurred costs and expenses for the Project according to the following budget. <br />CDBG Budget Code & Funding <br />21A- General Administration <br />$0 <br />18C - Microenterprise Assistance <br />$250,000 <br />Total CDBG Funds <br />$250,000 <br />The Indirect Cost Rate used, is an allocation system not to exceed 10%. <br />The Local Government may require a more detailed budget breakdown, and the Subrecipient will <br />provide such supplementary budget information in a timely fashion in the form and content <br />prescribed by the Local Government. Any amendments to this Agreement's Budget must first be <br />determined by the Local Government as consistent with its CDBG contract with COMMERCE and <br />then approved in writing by the Local Government and the Subrecipient. <br />Indirect Cost Rate if the Subrecipient chooses to charge Indirect under this grant, the Subrecipient <br />shall provide their indirect cost rate that has been negotiated between their entity and the Federal <br />Government. If no such rate exists, a de minimis indirect cost rate of 10% of modified total direct <br />costs (MTDC) will be used. <br />"Modified Total Direct Costs (MTDC)" shall mean all direct salaries and wages, applicable fringe <br />benefits, materials and supplies, services, travel, and up to the first $25,000 of each subaward <br />(regardless of the period of performance of the subawards under the award). MTDC excludes <br />equipment, capital expenditures, and rental costs. <br />Agreement 2024-2027 CDBG GP Microenterprise Accelerator Subrecipient <br />Page 2 of 13 <br />