Budget Account Clause Samples
The Budget Account clause establishes a dedicated account or ledger for tracking and managing the financial resources allocated to a specific project or contract. Typically, this clause outlines how funds are deposited, accessed, and monitored, and may specify who has authority over the account and what types of expenses are permitted. By clearly defining the procedures for handling project funds, the clause ensures transparency, accountability, and proper allocation of resources, thereby reducing the risk of mismanagement or disputes over financial matters.
Budget Account. Amount Obligated for this Action: $
Budget Account. To offer members an account that enables them to set money aside for the payment of regular bills. The sums set aside will be agreed in advance with their CU who will hold agreed amounts on their behalf to help members meet their commitments. The service must be automated, member funds must be protected, and members must have the option of withdrawing from the account. To offer members an account into which the loan is made and repayments automatically debited. This account would link to the credit control facility and trigger an automatic action once a payment is missed. To offer members an account into which savings deposits may be made and on which dividends or interest will be paid. System Functionality For current accounts members must have access to balance and transaction data in real time through ATM, telephone and internet channels. For saving and loan accounts members must have access to overnight balance data through telephone and internet access. The member will have access to their cash through a wide range of CUs, LINK ATMs and across Post Office counters Current, saving and loan accounts should be operable by CU or other relevant staff through an integrated system that minimises data input.
Budget Account. A. Consultant to maintain the existing UnionBank Trust Account for the OCDCSA. Account Number 0102123957 (Account) established under the terms and conditions of that certain Agreement for Consulting Services between the Oxnard Community Development Commission (aka Community Development Commission) and Alert Management Company dated August 27, 2008 and for processing payment of expenses for the operation and maintenance of the Properties. The Consultant shall not deposit any of its personal funds into the Account. Any interest accrual shall be credited to the Account. Consultant shall not be liable in event of bankruptcy or failure of a financial institution.
B. The Account shall monthly be reimbursed for building operations and maintenance expenses incurred during the previous month. The amount of the reimbursement shall be equal to the actual expenditures made from the account. Funding for the Account shall not exceed seven thousand dollars ($7,000) at any given time unless approved in writing by the Services Manager. Funds deposited into the account may be increased or decreased by the Services Manager or designee.
C. Funds deposited into the Account shall remain the property of OCDCSA.
D. Consultant will maintain an adequate supply of checks.
E. Printing charges for checks will be charged directly to the Budget Account.
F. Checks will be serialized and preprinted as follows: “Alert Real Estate Services Inc., Alert Management Company ▇▇▇ & ▇▇▇ ▇ ▇, ▇▇▇▇▇▇▇, 318W5th 321W6TH” The address and telephone number on the check stock shall be that of Alert Management Company.
G. The quantity of checks to be ordered will be sufficient to cover a period of not more than one year unless a large quantity is approved by the Services Manager or designee.
H. Consultant will designate, in writing, two employees to sign Account checks.
I. Funds in the Account will be disbursed exclusively for payment of operation, maintenance, and other related expenses of the Properties pursuant to Exhibit A. J. Reconciled statements shall be retained by Consultant for a period of three years.
K. Upon closure of the account, Consultant shall return all account supplies and any remaining funds in the Account to the Director or designee.
L. A full accounting will be provided by Consultant for all payments received and disbursements made under the Agreement. EXHIBIT INS-A INSURANCE REQUIREMENTS FOR CONSULTANTS (WITH ERRORS AND OMISSIONS REQUIREMENT) Consultant shall obtain and maintain duri...
Budget Account. The budget account referred to in clause 9.5
Budget Account. Fund Custodian