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BOo� 23 !' <br />15. The Grantee and Foundation further agree that should there be any revenue generated greater than that necessary <br />to meet the obligations of the preceding paragraph ('Net Revenue "), the Net Revenue shall be managed by the <br />Grantee as follows: <br />a) 15% of the Net Revenue will be retained by the Grantee as a fee for the management and distribution of <br />funds as required under this Agreement. <br />b) 30% of the remaining Net Revenue will be paid to the Foundation. <br />C) 70% of the remaining Net Revenue will be retained by the Grantee and used in accordance with the <br />procedures referenced in Section 14 above. <br />The Grantee's obligations pursuant to this Section will continue beyond the expiration of the funding period. <br />16. The Grantee acknowledges and agrees that the Grantee is an entity independent from the Foundation, and is not <br />an agent of the Foundation, and is not authorized to bind the Foundation to any agreement of payment for goods <br />or services. The Grantee is responsible for payment of all its expenses, including rent, office expenses and all <br />forms of compensation to employees. It shall provide workers compensation insurance to the extent required for <br />its operations and shall accept full responsibility for payments of unemployment compensation, social security, <br />income taxes and any other charges, taxes or payroll deductions required by law in connection with its <br />operations, for itself and its employees. All expenses incurred by the Grantee are the sole responsibility of the <br />Grantee, and the Foundation shall not be liable for the payment of any obligations incurred in the performance <br />of the project funded. <br />17. The Grantee acknowledges receipt of the following statement of the Foundation's policy regarding termination <br />and rescission of grants. The Grantee acknowledges that the Foundation may, from time to time, amend its <br />policy regarding termination and rescission of grants, and the Grantee acknowledges that the Grantee will be <br />subject to the policy as so amended. <br />Rescission and Termination of Grants. Rescission of a grant revokes the grant award. When funds have been <br />disbursed to a Grantee by the Foundation and a grant is rescinded, the Grantee may be liable for repayment to <br />the Foundation of any and all grant funds received by the Grantee under the grant. Termination of a grant ends <br />the grant on a going - forward basis, and the Grantee is liable for repayment to the Foundation only of that portion <br />of the grant funds that has been disbursed to but not expended by the Grantee in accordance with the terms of <br />the grant. <br />A grant may be rescinded or terminated at any time, at the discretion of the Foundation, for reasons <br />including the following: <br />a. The Grantee has not signed and delivered to the Foundation the Grantee Acknowledgment and <br />Agreement within four (4) months of the date it was sent to the Grantee. <br />b. The Grantee has failed to complete the project within the time established by the Grantee <br />Acknowledgment and Agreement or any extensions thereof. <br />C. The Grantee's tax - exempt status has been modified or revoked. <br />d. The Grantee is unable, or has failed or refused, to comply with a material term or condition of the grant. <br />e. The Grantee has experienced a change in circumstances that would have a material adverse effect upon <br />the Grantee's ability to accomplish fully the purposes of the grant (e.g., loss of collateral funding, loss <br />of key personnel, etc.). <br />f. The Grantee has failed or refused to submit a report, statement, accounting or return required under the <br />Grantee Acknowledgment and Agreement or by applicable law. <br />g. The Grantee has materially modified its budget for the project, and such material modification has not <br />been approved by the Foundation. <br />h. The Grantee commits a material violation of the Internal Revenue Code, or uses funds for some purpose <br />not permitted by the Internal Revenue Code or for some purpose not contemplated by the grant. <br />4 <br />