Exhibit 24(9)(a)
ADMINISTRATIVE SERVICES AGREEMENT
AGREEMENT made as of ___________, 1998 by and between Impact Management
Investment Trust ("IMIT"), a Massachusetts business trust and IMPACT
Administrative Services, Inc. (the "Administrator"), a Florida corporation.
WITNESSETH:
WHEREAS, IMIT is registered as a diversified, open-end, series management
investment company under the Investment Company Act of 1940, as amended (the
"1940 Act") and currently offers for sale to investors its shares in Impact
Management Growth Portfolio (the "Portfolio"); and
WHEREAS, IMIT wishes to retain the Administrator to provide certain transfer
agent, fund accounting, dividend disbursing and administration services with
respect to the Portfolio, and the Administrator is willing to furnish or
provide for the furnishing of such services;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein
contained, it is agreed between the parties hereto as follows:
1. Appointment. IMIT hereby appoints the Administrator to provide transfer
agent, fund accounting, dividend disbursing and fund administration services
to the Portfolio, subject to the supervision of the Board of Trustees of
IMIT (the "Board"), for the period and on the terms set forth in this
Agreement. The Administrator accepts such appointment and agrees to furnish
the services herein set forth in return for the compensation as provided in
Paragraph 3 of this Agreement.
2. Services Provided by the Administrator. The Administrator will provide
the following services subject to the control, direction and supervision of
the Board, and in compliance with the objectives, policies and limitations
set forth in IMIT's Registration Statement, Bylaws and applicable laws and
regulations.
(a) General Administration. The Administrator shall manage, administer and
conduct the general business activities of the Portfolio other than those
which have been contracted to other third parties by IMIT as of the date
hereof. The Administrator shall provide the personnel and facilities
necessary to perform such general business activities. A detailed
description of these services is included in Attachment A to this Agreement.
(b) Fund Accounting. The Administrator shall provide the following
accounting services to the Portfolio: (i) maintenance of the books and
records and accounting controls for the Portfolio's assets, including
records of all securities transactions; (ii) calculation of the Portfolio's
net asset values in accordance with the Prospectuses and, if requested by
IMIT, transmission of the net asset values to the NASD for publication of
prices; (iii) accounting for dividends, interest and other income received
and distributions made by the Portfolio; (iv) preparation and filing of the
Portfolio's state and federal tax returns and Semi-Annual Reports on Form
N-SAR; (v) production of transaction data, financial reports and such other
periodic and special reports as the Board may reasonably request; (vi) the
preparation of financial statements for the semi-annual and annual reports
and other shareholder communications; (vii) liaison with the Portfolio's
independent auditors; and (viii) monitoring and administration of
arrangements with the Portfolio's custodian and depository banks. A
complete listing of reports that will be available to the Portfolio is
included in Attachment B of this Agreement.
(c) Transfer Agent. The Administrator shall:
(i) Maintain records showing for each Portfolio shareholder the following:
(A) name, address and tax identification number; (B) number of shares held
of the Portfolio; (C) historical information including dividends paid and
the date and price of all transactions including individual purchases and
redemptions; and (D) any dividend reinvestment order, application, dividend
address and correspondence relating to the current maintenance of the account.
(ii) Record the issuance of shares of beneficial interest of IMIT and shall
notify the Fund in case any proposed issue of shares by the Portfolio shall
result in an over-issue as identified by Section 8-104(2) of the Uniform
Commercial Code and in case any issue would result in such an over-issue,
shall refuse to countersign an over-issue, and/or credit, said shares. Except
as specifically agreed in writing between the Administrator and IMIT, the
Administrator shall have no obligation when countersigning and issuing and/or
crediting shares, to take cognizance of any other laws relating to the issue
and sale of such shares except insofar as policies and procedures of the Stock
Transfer Association recognize such laws.
(iii) Process all orders for the purchase of shares of the Portfolio in
accordance with IMIT's current Registration Statement. Upon receipt of any
check or other payment for purchase of shares of the Portfolio from an
investor, it will: (A) stamp the envelope with the date of receipt;
(B) forthwith process the same for collection; and (C) determine the amounts
thereof due the Portfolio, and notify the Portfolio of such determination
and deposit, such notification to be given on a daily basis of the total
amounts determined and deposited to the Portfolio's custodian bank account
during such day. The Administrator shall then credit the share account of
the investor with the number of shares to be purchased according
to the price of the Portfolio's shares in effect for purchases made on the
date such payment is received by the Administrator, determined as set forth
in the Portfolio's current Prospectus, and shall promptly mail a
confirmation of said purchase to the investor, all subject to any
instructions which IMIT may give to the Administrator with respect to the
timing or manner of acceptance of orders for Portfolio shares relating to
payments so received by it.
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(iv) Receive and stamp with the date of receipt all written requests for
redemptions or repurchase of shares and shall process redemptions and
repurchase requests as follows: (A) if such redemption request complies with
the applicable standards approved by IMIT, the Administrator shall on each
business day notify the Portfolio of the total number of shares presented
and covered by such requests received by the Administrator on such day;
(B) on or prior to the seventh calendar day succeeding any such request for
redemption, the Administrator shall notify the custodian, subject to the
instructions from the Portfolio, to transfer monies to such account as
designated by the Administrator for such payment to the redeeming shareholder
of the applicable redemption or repurchase price; (C) if any such request for
redemption or repurchase does not comply with applicable standards, the
Administrator shall promptly notify the investor of such fact, together with
the reason therefor, and shall effect such redemption at the Portfolio's price
next determined after receipt of documents complying with said standards or
at such other time as IMIT shall so direct.
(v) Acknowledge all correspondence from shareholders relating to their share
accounts and undertake such other shareholder correspondence as may from time
to time be mutually agreed upon.
(vi) Process redemptions of Portfolio shares upon telephone instructions
from qualified shareholders in accordance with the procedures set forth in
the Portfolio's current Prospectus. The Administrator shall be permitted to
act upon the instruction of any person by telephone to redeem Portfolio
shares from any account for which such services have been authorized. IMIT
hereby agrees to indemnify and hold the Administrator harmless against all
losses, costs or expenses, including attorneys' fees and expenses suffered
or incurred by the Administrator directly or indirectly as a result of
relying on the telephone instructions of any person acting on behalf of a
shareholder account for which telephone services have been authorized.
(vii) Transfer on the records of the Portfolio maintained by it, shares held
in non-certificate form, upon the surrender to it of transfer documents in
proper form for transfer and, upon cancellation thereof, to countersign and
issue new documents of ownership for a like amount of stock and to deliver
the same pursuant to the transfer instructions.
(viii) In the event that any check or other order for the payment of money
is returned unpaid for any reason, take such steps, including redepositing
said check for collection or returning said check to the investor, as the
Administrator may, at its discretion, deem appropriate and notify the
Portfolio of such action, unless the Portfolio instructs otherwise.
However, the Administrator shall not be liable to IMIT or the Portfolio for
any returned checks or other order for the payment of money if it follows
reasonable procedures with respect thereto.
(ix) Prepare, file with the Internal Revenue Service, and mail to
shareholders such returns for reporting payment of dividends and
distributions as are required by applicable laws to be so filed and/or
mailed, and the Administrator shall withhold such sums as are required to be
withheld under applicable Federal income tax laws, rules and regulations.
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(x) Mail proxy statements, proxy cards and other materials and shall
receive, examine and tabulate returned proxies. The Administrator shall
make interim reports of the status of such tabulation to IMIT upon request,
and shall certify the final results of the tabulation.
(d) Dividend Disbursing. The Administrator shall act as Dividend Disbursing
Agent for the Portfolio, and, as such, shall prepare and mail checks; or
credit income and capital gain payments to shareholders. The Portfolio
shall advise the Administrator of the declaration of any dividend or
distribution and the record and payable date thereof at least five (5) days
prior to the record date. The Administrator shall, on or before the payment
date of any such dividend or distribution, notify the Portfolio's custodian
of the estimated amount required to pay any portion of said dividend or
distribution which is payable in cash, and on or before the payment date of
such distribution, the Portfolio shall instruct its custodian to make
available to the Administrator sufficient funds for the cash amount to be
paid out. If a shareholder is entitled to receive additional shares by
virtue of any such distribution or dividend, appropriate credits will be made
to his account and/or certificates delivered where requested. A shareholder
not electing issuance of certificates will receive a confirmation from the
Administrator indicating the number of shares credited to his account.
(e) Miscellaneous. The Administrator will also:
(i) Provide office facilities (which may be in the offices of the
Administrator or a corporate affiliate of them, but shall be in such location
as IMIT shall reasonably approve) and the services of a principal financial
officer to be appointed by IMIT;
(ii) Furnish statistical and research data, clerical services and stationery
and office supplies;
(iii) Assist in the monitoring of regulatory and legislative developments
which may affect IMIT and the Portfolio and, in response to such developments,
counsel and assist IMIT in routine regulatory examinations or investigations
of IMIT and the Portfolio, and work with outside counsel to IMIT in connection
with regulatory matters or litigation.
(iv) In performing its duties: (A) will act in accordance with IMIT's
Declaration of Trust, Bylaws, Prospectus and the instructions and directions
of the Board and will conform to, and comply with, except as otherwise
provided herein, the, requirements of the 1940 Act and all other applicable
federal or state laws and regulations; and (B) will consult with outside legal
counsel to IMIT, as necessary or, appropriate.
(v) Preserve for the periods prescribed by Rule 3la-2 under the 1940 Act the
records required to be maintained by Rule 3la-1 under said Act in connection
with the services required to be performed hereunder. The Administrator
further agrees that all such records which it maintains for the Portfolio are
the property of IMIT and further agrees to surrender promptly to IMIT any of
such records upon IMIT's request.
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(f) The Administrator may, at its expense and discretion, subcontract with
any entity or person concerning the provisions of the services contemplated
hereunder. The Administrator will provide prompt notice of such delegation
and provide copies of such subcontracts to IMIT.
3. Fees, Expenses; Expense Reimbursement.
(a) For the services rendered for the Portfolio pursuant to this Agreement,
the Administrator shall be entitled to a fee as set forth in the fee
schedule on Attachment C of this Agreement. Such fees are to be computed
daily and paid monthly on the first business day of the following month.
Upon any termination of this Agreement before the end of any month, the fee
for such part of the month shall be prorated according to the proportion
which such period bears to the full monthly period and shall be payable upon
the date of termination of this Agreement.
(b) The Administrator will from time to time employ or associate with such
person or persons as may be fit to assist them in the performance of this
Agreement. Such person or persons may be officers and employees who are
employed by both the Administrator and IMIT. The compensation of such
person or persons for such employment shall be paid by the Administrator and
no obligation will be incurred by or on behalf of IMIT in such respect.
(c) The Administrator will bear all expenses in connection with the
performance of its services under this Agreement except as otherwise
expressly provided herein. Other expenses to be incurred in the operation
of the Portfolio will be borne by the Portfolio or other parties, including
interest, brokerage fees and commissions, if any, and advisory fees;
provided, however, that, except as provided in any distribution plan adopted
by IMIT, the Portfolio will not bear, directly or indirectly, the cost of
any activity which is primarily intended to result in the distribution of
shares of the Portfolio. In addition, the Administrator may utilize one
or more independent pricing services, approved from time to time by the
Board, to obtain securities prices in connection with determining the net
asset values of the Portfolio, and the Portfolio will reimburse the
Administrator for its share of the cost of such services based upon its
actual use of the services for the benefit of the Portfolio.
4. Duties, Responsibilities and Limitation of Liability.
(a) In the performance of its duties hereunder, the Administrator shall be
obligated to exercise due care and diligence and to act in good faith in
performing the services provided for under this Agreement. In performing
its services hereunder, the Administrator shall be entitled to rely on any
oral or written instructions, notices or other communications from IMIT or
the Portfolio and its custodians, officers and directors, investors, agents,
legal counsel and other service providers which communications the
Administrator reasonably believes to be genuine, valid and authorized.
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(b) Subject to the foregoing, the Administrator shall not be liable for any
error of judgment or mistake of law or for any loss or expense suffered by
the Portfolio, in connection with the matters to which this Agreement
relates, except for a loss or expense resulting from misfeasance, bad faith
or negligence on the Administrator's part in the performance of its duties
or from disregard by the Administrator of its obligations and duties under
this Agreement. Any person, even though also an officer, director, partner,
employee or agent of the Administrator, who may be or become an officer,
director, partner, employee or agent of the Portfolio, shall be deemed when
rendering services to the Portfolio or acting on any business of the
Portfolio (other than services or business in connection with the
Administrator's duties hereunder) to be rendering such services to or acting
solely for the Portfolio and not as an officer, director, partner, employee
or agent or person under the control or direction of the Administrator even
though paid by the Administrator.
(c) The Administrator shall not be responsible for, and IMIT shall indemnify
and hold the Administrator harmless from and against, any and all losses,
damages, costs, reasonable attorneys' fees and expenses, payments, expenses
and liabilities, except for a loss or expense resulting from misfeasance,
bad faith or negligence on the Administrator's part in the performance of
its duties or from disregard by the Administrator of its obligations and
duties under this Agreement, arising out of or attributable to:
(i) The reliance on or use by the Administrator of its officers, employers
or agents of information, records, or documents which are received by the
Administrator or its officers, employers or agents and furnished to it or
them by or on behalf of IMIT, and which have been prepared or maintained by
IMIT or its officers, employees or agents;
(ii) IMIT's refusal or failure to comply with the terms of this Agreement or
IMIT's lack of good faith, or its actions, or lack thereof, involving gross
negligence or willful misfeasance;
(iii) The taping or other form of recording of telephone conversations or
other forms of electronic communications with other agents of IMIT, its
investors and shareholders, or reliance by the Administrator on telephone or
other electronic instructions of any person acting on behalf of a
shareholder or shareholder account for which telephone or other electronic
services have been authorized; and
(iv) The offer or sale of shares by IMIT in violation of any requirement
under the Federal securities laws or regulations or the securities laws or
regulations of any state, or in violation of any stop order or other
determination or ruling by any Federal agency or any state agency with
respect to the offer or sale of such shares in such state resulting from
activities, actions, or omissions by IMIT or its officers, employees, or
agents prior to the effective date of this Agreement.
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(d) The Administrator shall indemnify and hold IMIT harmless from and
against any and all losses, damages, costs, charges, reasonable attorneys'
fees and expenses, payments, expenses and liability arising out of or
attributable to the Administrator's refusal or failure to comply with the
terms of this Agreement; the Administrator's breach of any representation or
warranty made by it herein; or the Administrator's lack of good faith, or
acts involving negligence, misfeasance or disregard of its duties hereunder.
5. Term. The Administrator will start the provision of the services
contemplated by this Agreement on the date first hereinabove written or
whenever the current service provider ceases to provide its services and the
operative terms of the Agreement will be effective for a period of one
(1) year from such date, unless sooner terminated as provided herein.
Thereafter, unless sooner terminated as provided herein, this Agreement
shall continue in effect from year to year provided such continuance is
specifically approved at least annually by the Board. This Agreement is
terminable, without penalty, by the Board or by the Administrator, on not
less than ninety (90) days' written notice. Except as provided in Section 8
hereof, this Agreement shall automatically terminate upon its assignment by
the Administrator without the prior written consent of IMIT. Upon
termination of this Agreement, IMIT shall pay to the Administrator such
compensation and any reimbursable expenses as may be due under the terms
hereof as of the date of termination or the date that the provision of
services ceases, whichever is later.
6. Non-Assignability. This Agreement shall not be assigned by any of the
parties hereto without the prior consent in writing of the other party;
provided, however, that the Administrator may in its own discretion and
without limitation or prior consent of IMIT, whenever and on such terms and
conditions as it deems necessary or appropriate, enter into subcontracts,
agreements and understandings with non-affiliated third parties; provided,
that such subcontract, agreement or understanding shall not discharge the
Administrator from its obligations hereunder or delegation of duties to
another third party.
7. Notice. Any notice required or permitted hereunder shall be in writing
to the parties at the following address (or such other address as a party
may specify by notice to the other):
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If to IMIT: Impact Management Investment Trust
1875 Ski Time Square Dr.
Suite One
Xxxxxxxxx Xxxxxxx, XX 00000
Attn: Xxxxxxx X. Xxxxx
Chairman
With a copy to: Xxxxxx Xxxxxxxx LLP
3000 Two Xxxxx Square
00xx xxx Xxxx Xxxxxxx
Xxxxxxxxxxxx, XX 00000
Attn: Xxxxxx X. Del Xxxx, Esq.
If to Administrator: IMPACT Administrative Services, Inc.
1875 Ski Xxxx Xxxxxx Xx.
Xxxxx Xxx
Xxxxxxxxx Xxxxxxx, XX 00000
Attn: Xxxxxxx X. Xxxxx
President
Notice shall be effective upon receipt if by mail, on the date of personal
delivery (by private messenger, courier service or otherwise) or upon
confirmed receipt of telex or facsimile, whichever occurs first.
8. Waiver. The failure of a party to insist upon strict adherence to any
term of this Agreement on any occasion shall not be considered a waiver nor
shall it deprive such party of the right thereafter to insist upon strict
adherence to that term or any term of this Agreement. Any waiver must be in
writing signed by the waiving party.
9. Severability. If any provision of this Agreement is invalid or
unenforceable, the balance of the Agreement shall remain in effect, and if
any provision is inapplicable to any person or circumstance, it shall
nevertheless remain applicable to all other persons and circumstances.
10. Successor and Assigns. The covenants and conditions herein contained
shall, subject to the provisions as to assignment, apply to and bind the
successors and assigns of the parties hereto.
11. Governing Law. This Agreement shall be governed by Colorado law
including its choice of law provisions.
12. Amendments. This Agreement may be modified or amended from time to
time by mutual written agreement between the parties. No provision of this
Agreement may be changed, discharged, or terminated orally, but only by an
instrument in writing signed by the party against which enforcement of the
change, discharge or termination is sought.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their officers designated below as of the date indicated above.
IMPACT MANAGEMENT INVESTMENT TRUST
By: /s/__________________________________
Name:
Title:
IMPACT ADMINISTRATIVE SERVICES, INC.
By: /s/__________________________________
Name:
Title:
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Attachment A
Portfolio Administration Services
Compliance
Prepare and update compliance manuals and procedures.
Assist in the training of portfolio managers, management and Portfolio
accountants concerning compliance manuals and procedures.
Monitor the Portfolio's compliance with investment restrictions (i.e. issuer
or industry diversification, etc.) listed in the current Prospectuses and
Statement of Additional Information. (Frequency - Daily)
Monitor the Portfolio's compliance with the requirements of the Internal
Revenue Code (the "Code") Section 851 for qualification as regulated
investment companies. (Frequency - Monthly)
Calculate and recommend dividend and capital gain distributions in
accordance with distribution policies detailed in the Prospectus. (Frequency
- Determined by Prospectus)
Prepare year-end dividend and capital gain distributions to establish IMIT's
status as RIC under Section 4982 of the Code regarding minimum distribution
requirements. File Federal Excise Tax Return (Form 8613). (Frequency -
Annually)
Mail quarterly requests for "Securities Transaction Reports" to IMIT's
Trustees/Directors and Officers and "access persons" under the terms of
IMIT's Code of Ethics and SEC regulations.
Monitor investment adviser's compliance with Board directives such as
"Approved Issuers Listings for Repurchase Agreements." (Frequency - Daily)
Review investments involving interests in any broker, dealer, underwriter or
investment adviser to ensure continued compliance with Section 12(d)(3) of
the 1940 Act. (Frequency - Quarterly)
Monitor the Portfolio's brokerage allocation and prepare quarterly brokerage
allocation reports for Board meetings (consistent with reporting from the
current service provider).
A-1
Reporting
Prepare agreed upon management reports and Board materials such as unaudited
financial statements, distribution summaries and deviations of xxxx-to-market
valuation and the amortized cost for money market funds.
Report Portfolio performance to outside services as directed by Portfolio
management.
Prepare and file IMIT's Semi-Annual Reports on Form N-SAR with the SEC.
Prepare and file Portfolio Federal tax returns along with all state and
local tax returns and State Expense Limitation returns, where applicable.
Prepare and coordinate printing of Portfolio's Semi-Annual and Annual Reports
to shareholders.
File copies of every report to shareholders with the SEC under Rule 30b2-1.
Notify shareholders as to what portion, if any, of the distributions made by
the Portfolio during the prior fiscal year were exempt-interest dividends
under Section 852(b)(5)(A) of the Code.
Provide Form 1099-MISC to persons other than corporations (i.e., Trustees/
Directors) to whom the Portfolio paid more than $600 during the year.
Administration
Serve as officers of the Portfolio and attend IMIT Board meetings.
Prepare Portfolio expense projections, establish accruals and review on a
periodic basis.
Expenses based on a percentage of Portfolio's average daily net assets
(advisory and administrative fees).
Expenses based on actual charges annualized and accrued daily (audit fees,
registration fees, directors' fees, etc.).
Provide financial information for proxies and Prospectus (Expense Table).
A-2
Coordinate all communications and data collection with regard to any
regulatory examinations and yearly audit by independent accountants.
Legal Affairs
Prepare and update documents, such as Declaration of Trust, foreign
corporation qualification filings, and Bylaws.
Update and file post-effective amendments to IMIT's registration statement
on Form N-1A and prepare supplements as needed.
Prepare and file Rule 24f-2 Notice.
Prepare proxy materials and administer shareholder meetings.
Review contracts between IMIT and its service providers (must be sensitive
to conflict of interest situations).
Apprise and train management and staff with respect to important legal issues.
Prepare and maintain all state registrations and exemptions of IMIT's
securities including annual renewals, preparing and filing sales reports,
filing copies of the registration statement and final prospectus and
statement of additional information, and increasing registered amounts of
securities in individual states.
Review and monitor fidelity bond and errors and omissions insurance coverage
and make any related regulatory filings.
Prepare agenda and Board materials, including materials relating to contract
renewals, for all Board meetings.
Maintain minutes of Board and shareholder meetings.
Act as liaison with Portfolio's distributor and outside counsel.
A-3
Attachment B
Portfolio Accounting Daily Reports
A. General Ledger Reports
1. Trial Balance Report
2. General Ledger Activity Report
B. Portfolio Reports
1. Portfolio Report
2. Cost Lot Report
3. Purchase Journal
4. Sell/Maturity Journal
5. Amortization/Accretion Report
6. Maturity Projection Report
C. Pricing Reports
1. Pricing Report
2. Pricing Report by Market Value
3. Pricing Variance by % Change
4. NAV Report
5. NAV Proof Report
D. Accounts Receivable/Payable Reports
1. Accounts Receivable for Investments Report
2. Accounts Payable for Investments Report
3. Interest Accrual Report
4. Dividend Accrual Report
E. Other
1. Dividend Computation Report
2. Cash Availability Report
3. Settlement Journal
B-1
Monthly Portfolio Accounting Reports
1. Cost Proof Report
2. Transaction History Report
3. Realized Gain/Loss Report
4. Interest Record Report
5. Dividend Record Report
6. Broker Commission Totals
7. Broker Principal Trades
8. Shareholder Activity Report
9. Performance Report
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Attachment C
Fee Schedule
(a) Administrative Service Fee:
For the services rendered by IASI pursuant to this Agreement, IMIT shall pay
IASI within ten (10) days after receipt of an invoice from IASI at the
beginning of each month, a fee, calculated as a combination of account
maintenance charges and transaction charges as follows:
(b) Account Maintenance Charge:
Based upon the total of all open/closed accounts in the Trust group upon the
following annual rates (billed monthly):**
Open Accounts ..................... $165 per account/per year
Closed Accounts ................... $2.00 per account***
**All accounts closed during a calendar year will be considered as open
accounts for billing purposes until the end of that calendar year.
***Closed accounts will remain in the shareholder files until all 1099's and
5498's have been sent to shareholders and reported (via magnetic media) to
the IRS.
(c) Transaction Fees:
(There shall be no transaction fees charged at this time.)
Trade Entry (purchase/liquidation) and
maintenance transactions .......................... $ 0 each
New account set-up ................................ $ 0 each
Customer service calls ............................ $ 0 each
Correspondence/information requests ............... $ 0 each
Check preparation ................................. $ 0 each
Liquidation's paid by wire transfer ............... $ 0 each
Omnibus accounts (per transaction) ................ *$ 0
ACH charge ........................................ $ 0 each
SWP ...............................................*$ 0 each
*Not included as a Trade Entry
C-1
(d) Fee Increases:
On each annual anniversary date of this Agreement, the fees enumerated above
will be increased by the change in the Customer Price Index for the
Northeast region (CPI) for the twelve month period ending with the month
preceding such annual anniversary date.
(e) Expenses:
IMIT shall reimburse the Administrator for any out-of-pocket expenses,
exclusive of salaries, advanced by the Administrator in connection with but
not limited to the printings or filings of documents for IMIT, travel,
telephone, quotation services, facsimile transmissions, stationery and
supplies, record storage, postage, telex, and courier charges, incurred in
connection with the performance of the duties hereunder. The Administrator
shall provide IMIT with a monthly invoice of such expenses and IMIT shall
reimburse the Administrator within fifteen (15) days after receipt thereof.
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