Common use of Accounting and Cash Management Clause in Contracts

Accounting and Cash Management. a) Subrecipient will comply with controls, record keeping and fund accounting procedure requirements of WIOA, federal and state regulations and directives to ensure the proper disbursal of, and accounting for, program funds paid to the Subrecipient and disbursed by the Subrecipient, under this agreement. b) Income (including interest income) generated as a result of the receipt of WIOA activities, will be utilized in accordance with policy and procedures established by the SDWP. Subrecipient will account for any such generated income separately. c) Subrecipient shall not be required to maintain a separate bank account but shall separately account for WIOA funds on deposit. All funding under this agreement, will be made by check or wire transfer payable to the Subrecipient for deposit in Subrecipient's bank account or city and county governmental bank accounts. To provide for the necessary and proper internal controls, funds should be withdrawn and disbursed by no less than two representatives of the Subrecipient. The SDWP will have a lien upon any balance of WIOA funds in these accounts, which will take priority over all other liens or claims.

Accounting and Cash Management. a) a. Subrecipient will comply with controls, record keeping and fund accounting procedure requirements of WIOA, federal and state regulations and directives to ensure the proper disbursal of, and accounting for, program funds paid to the Subrecipient and disbursed by the Subrecipient, under this agreement. b) b. Income (including interest income) generated as a result of the receipt of WIOA activities, will be utilized in accordance with policy and procedures established by the SDWP. Subrecipient will account for any such generated income separately. c) c. Subrecipient shall not be required to maintain a separate bank account but shall separately account for WIOA funds on deposit. All funding under this agreement, will be made by check or wire transfer payable to the Subrecipient for deposit in Subrecipient's bank account or city and county governmental bank accounts. To provide for the necessary and proper internal controls, funds should be withdrawn and disbursed by no less than two representatives of the Subrecipient. The SDWP will have a lien upon any balance of WIOA funds in these accounts, which will take priority over all other liens or claims.