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HomeMy WebLinkAboutExhibit 3ATTACHMENT B FISCAL REQUIREMENTS, BUDGET & METHOD OF PAYMENT Advance payment requests The Trust offers advance payments up to 15% of the total contract amount. Advance requests shall be limited to governmental entities and not -for -profit corporations, in accordance with subsection 216.181 (16) (b), F.S. The advance request is to include the amount requested and the justification. Advance payment requests must be submitted using the designated form and must be approved in writing by The Trust's Contract Manager and Chief Financial Officer or their designee(s) and by the City's Director of the Department of Parks & Recreation. Advanced funds if not used shall be invested by the provider in an insured interest bearing account, in accordance with subsection 216.181 (16) (b), F.S. Interest earned on advanced funds shall be returned to the City for The Trust on a quarterly basis or applied against the amount of the contract owed by The Trust to the City. Advance payment Within 60 calendar days of receipt of an advance, Provider shall report the actual expenditures paid by or charged to the advanced funds using the reporting "invoice" form provided by The Trust. If the "invoice" amount is less than the amount advanced, The Trust will deduct the difference from the next applicable monthly payment request. Provider may request, in writing, an extension of the repayment of the advance. A fiscal need must be clearly demonstrated and substantiated by the Provider in order for an extension request to be considered by The Trust and the City. Budget revisions Budget revision(s) require prior written approval from the Contract Manager and The Trust's Chief Financial Officer or their designee(s). Request for budget revisions must be submitted to the Contract Manager using the appropriate form, as determined by The Trust. The Provider must request a budget revision to add, delete, and/or modify any line item(s). Budget revisions can not exceed the contracted amount. Budget revisions will be incorporated into the Contract. Indirect Administrative Costs In no event shall The Trust fund indirect administrative costs in excess of ten (10%) percent of the total contract award. tj:Document 146126.doc 41 Cost Reimbursement Method of Payment The parties agree that this is a cost reimbursement method of payment contract; the Provider shall be paid in accordance with the approved budget and/or approved budget revision as set forth in this Attachment. Invoice Requirements The Provider shall submit an original request for payment, in the format prescribed by The Trust and in accordance with the approved budget or approved budget revision. The request for payment is due on or before the fifteenth (15) day of the month following the month in which expenditures were incurred (exclusive of legal holidays or weekends). The Trust agrees to reimburse Provider on a monthly billing basis. The Trust reserves the right to request any supporting documentation. A final request for payment (last payment) from the Provider will be accepted by The Trust up to forty-five (45) days after the expiration of this Contract. If Provider fails to comply, all rights to payment shall be forfeited. If The Trust determines that Provider has been paid funds not in accordance with the Contract, and to which it is not entitled, Provider shall return such funds to The Trust or submit appropriate documentation to support the payment. The Trust shall have the sole discretion in determining if Provider is entitled to such funds and The Trust's decision on this matter shall be binding. If the Provider fails to serve the number of participants and/or fails to utilize the funds in accordance with the Contract, The Trust may amend the Contract to reduce the amount of dollars. Any delay in amendment by The Trust is not deemed a waiver of The Trust's right to amend or seek reimbursement for under - serving participants in accordance with the Contract. In order for a request for payment to be deemed proper as defined by the Florida Prompt Payment Act, all requests for payment must comply with the requirements set forth in this Contract and must be submitted on the forms as prescribed by The Trust. Requests for payment and/or documentation returned to Provider for corrections may be cause for delay in receipt of payment. Late submission may result in delay in receipt of payment. The Trust shall pay Provider within thirty (30) calendar days of receipt of Provider's properly submitted Request for Payment and/or other required documentation. In the event that Provider, its independent auditor or The Trust discovers that an overpayment has been made, Provider shall repay said overpayment within thirty (30) calendar days without prior notification from The Trust. The Trust shall retain any payments due until all required reports or deliverables are submitted and accepted by The Trust. Supporting Documentation Requirements r1j:Document 146126.doc 42 The Provider shall maintain records documenting actual expenditures and services provided according to the approved budget and scope of services as required. rjj:Document 146I26.doc Parks to Attach Actual Budget Updates THIS SPACE IS LEFT BLANK INTENTIONALLY 43