Auditing and Financial Requirements Sample Clauses

Auditing and Financial Requirements. The CONTRACTOR must: (a) ensure that an independent financial audit of the CONTACTOR is performed annually. This audit must comply with the following requirements: (i) provide HSD with the CONTRACTOR’s most recent audited financial statements; and (ii) provide an independent auditor’s report on the processing of the transactions; (b) submit on an annual basis after each audit a representation letter signed by the CONTRACTOR’s Chief Financial Officer and its independent auditor certifying that its organization is in sound financial condition and that all issues have been fully disclosed; (c) immediately notify HSD of any material negative change in the CONTRACTOR’s financial status that could render the CONTRACTOR unable to comply with any requirement of this Agreement, or that is significant enough for the Chief Executive Officer or Chief Financial Officer to notify its Board of the potential for insolvency; (d) notify HSD in writing of any default of its obligations under this Agreement, or any default by a parent corporation on any financial obligation to a third party that could in any way affect the CONTRACTOR’s ability to satisfy its payment or performance obligations under this Agreement; (e) advise HSD no later than thirty (30) calendar days prior to execution of any significant organizational changes, new contracts, or business ventures, being contemplated by the CONTRACTOR that may negatively impact the CONTRACTOR’s ability to perform under this Agreement; and (f) refrain from investing funds in, or loaning funds to, any organization in which a director or principal officer of the CONTRACTOR has an interest.
Sample 1Sample 2
AutoNDA by SimpleDocs
Auditing and Financial Requirements. The SE shall: a. Ensure that an independent financial audit of the CONTACTOR is performed annually. This audit shall comply with the following requirements: i. Provide the Collaborative with the SE’s most recent audited financial statements; and ii. Provide an independent auditor’s report on the processing of the transactions. b. Submit on an annual basis after each audit a representation letter signed by the SE’s Chief Financial Officer and its independent auditor certifying that its organization is in sound financial condition and that all issues have been fully disclosed. c. Immediately notify the Collaborative of any material negative change in the SE’s financial status that could render the SE unable to comply with any requirement of this Contract, or that is significant enough for the Chief Executive Officer or Chief Financial Officer to notify its Board of the potential for insolvency. d. Notify the Collaborative in writing of any default of its obligations under this Contract, or any default by a parent corporation on any financial obligation to a third party that could in any way affect the SE’s ability to satisfy its payment or performance obligations under this Contract. e. Advise the Collaborative no later than thirty (30) calendar days prior to execution of any significant organizational changes, new contracts, or business ventures, being contemplated by the SE that may negatively impact the SE’s ability to perform under this Contract. f. Refrain from investing funds in, or loaning funds to, any organization in which a director or principal officer of the SE has an interest.
Sample 1

Related to Auditing and Financial Requirements

  • Financial Requirements A report of monthly and cumulative financial requirements; and

  • Accounting and Financial Reporting 7.1 The Trustee shall maintain separate records and ledger accounts in respect of the Contributions deposited in the Trust Fund account and disbursements to Partner Entities made therefrom. 7.2 The Trustee shall furnish to the Donors current financial information relating to receipts, disbursements and fund balance in United States dollars of the Trust Fund with respect to the Contributions via the World Bank’s Trust Funds Donor Center secure website. Within six (6) months after all commitments and liabilities under the Trust Fund have been satisfied and the Trust Fund has been closed, the final financial information relating to receipts, disbursements and fund balance in United States dollars of the Trust Fund with respect to the Contributions will be made available to the Donors via the World Bank’s Trust Funds Donor Center secure website. 7.3 The Trustee shall provide to the Donors, within six (6) months following the end of each Trustee fiscal year, an annual single audit report, comprising: (a) a management assertion together with an attestation from the Trustee’s external auditors concerning the adequacy of internal control over cash-based financial reporting for all cash-based trust funds as a whole; and (b) a combined financial statement for all cash-based trust funds together with the Trustee’s external auditor’s opinion thereon. The cost of the single audit shall be borne by the Trustee. 7.4 If a Donor wishes to request, on an exceptional basis, a financial statement audit by the Trustee’s external auditors of the Trust Fund, the Donor and the Trustee shall first consult as to whether such an external audit is necessary. The Trustee and the Donor shall agree on the appropriate scope and terms of reference of such audit. Following agreement on the scope and terms of reference, the Trustee shall arrange for such external audit. The costs of any such audit, including the internal costs of the Trustee with respect to such audit, shall be paid by the requesting Donor. 7.5 The Trustee shall furnish the Steering Committee and each Donor with: (a) copies of all unaudited or audited financial reports; and (b) any other relevant financial information received from the Partner Entities.

  • Federal Requirements In the event this Contract is paid in whole or in part from any federal government agency or source, the specific terms, regulations and requirements governing the disbursement of these funds shall be specified herein and become a part of this clause.

  • Financial Reporting Requirements The Charter School shall follow the financial requirements of the Charter Schools Section of the Department’s Financial Management for Georgia Local Units of Administration Manual. The Charter School shall submit all information required by the State Accounting Office for inclusion in the State of Georgia Comprehensive Annual Financial Report.

  • Human and Financial Resources to Implement Safeguards Requirements The Borrower shall make available necessary budgetary and human resources to fully implement the EMP and the RP.

  • Fund Valuation and Financial Reporting Services (1) Account for Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other Fund share activity as reported by the Fund’s transfer agent on a timely basis. (2) Apply equalization accounting as directed by the Fund. (3) Determine net investment income (earnings) for the Fund as of each valuation date. Account for periodic distributions of earnings to shareholders and maintain undistributed net investment income balances as of each valuation date. (4) Maintain a general ledger and other accounts, books, and financial records for the Fund in the form as agreed upon. (5) Determine the net asset value of the Fund according to the accounting policies and procedures set forth in the Fund’s current prospectus. (6) Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such time as required by the nature and characteristics of the Fund. (7) Communicate to the Fund, at an agreed upon time, the per share net asset value for each valuation date. (8) Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances. (9) Prepare monthly security transactions listings.

  • Operational Requirements 4 At-Sea Monitors are deployed, in accordance with coverage rates developed by 5 NMFS and as assigned through the Pre-Trip Notification System (PTNS), to 6 vessels. Due to availability of funding, changes in the fishery management, 7 such as emergency closures, court ordered closures, weather, and unforeseen 8 events must remain flexible. Additional funding for sea days may be added to 9 the contract within the scope and maximum allowable sea days. 10 The following items define the operational services to be provided by the 11 contractor under this contract.

  • General Requirements The Contractor hereby agrees:

  • Waiver of Inventory, Accounting and Appraisal Requirement The Trustee shall be relieved of, and each Certificateholder hereby waives, any requirement of any jurisdiction in which the Trust, or any part thereof, may be located that the Trustee file any inventory, accounting or appraisal of the Trust with any court, agency or body at any time or in any manner whatsoever.

  • Personnel Requirements a. The CONTRACTOR shall secure, at the CONTRACTOR'S own expense, all personnel required to perform this Contract. b. The CONTRACTOR shall ensure that the CONTRACTOR'S employees or agents are experienced and fully qualified to engage in the activities and perform the services required under this Contract, and that all applicable licensing and operating requirements imposed or required under federal, state, or county law, and all applicable accreditation and other standards of quality generally accepted in the field of the activities of such employees and agents are complied with and satisfied.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!