2011 - 03-21-2011 Reg. Meeting - Laserfiche WebLink

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 When funds have been disbursed to a Grantee by the Foundation and a grant is rescinded, the Grantee may be liable for repayment to the Foundation of any and all grant funds received by the Grantee under the grant.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