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5. Solicit and accept private donations to finance and implement recover°y <br />activities, including the acquisition of water rights, pursuant to the <br />Recovery Program. This obligation is contingent upon approval of the <br />Foundation's Board of Directors and the Service, and is separate from <br />Congressional appropriations coming to the Service for acquisition of <br />water rights. <br />6. Appoint a technical project officer for all contracts or projects <br />carried out or funded under this Agreement. <br />VI. Financial Administration <br />The Foundation will be reimbursed for actual expenses associated with <br />carrying out its obligations under this Agreement (not to exceed two <br />percent of the funds received each year). The Foundation will provide <br />quarterly statement which itemizes its expenses. Upon review {which <br />will not exceed 30 days), the Service will authorize the Foundation to <br />debit the contributed fund account to reimburse approved expenses. <br />2. The Foundation will prepare and submit to the Service a semiannual <br />report by July 15 and December 15 of each year, which itemizes all i~unds <br />maintained, deposited, accrued, and disbursed from the account <br />established pursuant to this Agreement. <br />4II. Pro.iect Officers <br />for the Service (and on behalf of For the Foundation: <br />the Implementation Committee): <br />John Hamill, Program Director <br />Colorado River Endangered <br />Fishes Recovery Program <br />U.S. Fish and Wildlife Service <br />P.O. Box 25486, DFC <br />Denver, CO 80225 <br />(303) 236-7398, FTS 776-7398 <br />Whitney Tilt <br />Project Manager <br />National fish and Wildlife <br />Foundation <br />The Bender Building <br />1120 Connecticut Ave NW <br />Washington, D.C. 20036 <br />(202) 857-0166 <br />VIII. Special Terms and Conditions <br />The Foundation will, in coordination with the Service, select the most <br />appropriate investment option for the contributed/donated funds. <br />Primary consideration will be given to selecting extremely safe <br />investments with the highest possible yield. Interest and/or dividends <br />accruing to the account shall be available for the purposes for which <br />the funds were contributed or donated. <br />2. Funds may be dispersed by the Foundation for purposes not included in <br />the Implementation Committee's annual work plan at the written dirf~ction <br />of the Service's designated representative for this agreement and <br />concurrence of the Chairman of the Implementation Committee. <br />