Common use of Designation of Fiscal Agent Clause in Contracts

Designation of Fiscal Agent. In accordance with WIOA Sec. 107(d)(12)(B)(i)(II), the XXXX may designate an entity to serve as local fiscal agent. Such designation does not relieve the XXXX of the liability for any misuse of grant funds as apportioned in this Agreement. The parties to this Agreement have agreed the Northwest Tennessee Workforce Board, Inc. (NWTNWB) shall serve as Fiscal Agent for the Northwest TN Local Workforce Development Area. The name, representation, contact information and signature of the Fiscal Agent is included as Appendix A. In general, Northwest Tennessee Workforce Board, Inc. as the Fiscal Agent for the Consortium of Local Elected Officials will be responsible for the following functions:  Receive funds  Ensure sustained fiscal integrity and accountability for expenditures of funds in accordance with Office of Management and Budget circulars, WIOA and the corresponding Federal Regulations and State policies  Respond to audit financial findings  Maintain proper accounting records and adequate documentation  Prepare financial reports  Provide technical assistance to sub-recipients regarding fiscal issues  Procure contracts or obtain written agreements  Conduct financial monitoring of service providers  Ensure independent audit of all employment and training programs Additionally, to prevent a lapse in services in the event of a delay in the receipt funding from the Tennessee Department of Labor and Workforce Development, the Fiscal Agent is authorized to secure a line of credit. The line of credit may only be secured upon the approval of the Consortium of the Local Elected Officials for the specified amount. Once secured, the line of credit may only be utilized with the approval of the Consortium of the Local Elected Officials for the specified amount, and only if the grant funds have been authorized and obligated. Two signatory authorities must sign to access the line of credit. In the event a line of credit is secured and utilized, if a default were to occur, Parties agree to distribute such liability among the parties in proportion to the most recent population estimates available from the U.S. Bureau of the Census at such time that any repayment of funds is required.

Designation of Fiscal Agent. In accordance with WIOA Sec. 107(d)(12)(B)(i)(II), the XXXX may designate an entity to serve as local fiscal agent. Such designation does not relieve the XXXX of the liability for any misuse of grant funds as apportioned in this Agreement. The parties to this Agreement have agreed the Northwest Tennessee Workforce Board, Inc. (NWTNWB) shall serve as Fiscal Agent for the Northwest TN Local Workforce Development Area. The name, representation, contact information and signature of the Fiscal Agent is included as Appendix A. In general, Northwest Tennessee Workforce Board, Inc. as the Fiscal Agent for the Consortium of Local Elected Officials will be responsible for the following functions:  Receive funds  Ensure sustained fiscal integrity and accountability for expenditures of funds in accordance with Office of Management and Budget circulars, WIOA and the corresponding Federal Regulations and State policies  Respond to audit financial findings  Maintain proper accounting records and adequate documentation  Prepare financial reports  Provide technical assistance to sub-recipients regarding fiscal issues  Procure contracts or obtain written agreements  Conduct financial monitoring of service providers  Ensure independent audit of all employment and training programs Additionally, to prevent a lapse in services in the event of a delay in the receipt funding from the Tennessee Department of Labor and Workforce Development, the Fiscal Agent is authorized to secure a line of credit. The line of credit may only be secured upon the approval of the Consortium of the Local Elected Officials for the specified amount. Once secured, the line of credit may only be utilized with the approval of the Consortium of the Local Elected Officials for the specified amount, and only if the grant funds have been authorized and obligated. Two signatory authorities must sign to access the line of credit. In the event a line of credit is secured and utilized, if a default were to occur, Parties agree to distribute such liability among the parties in proportion to the most recent population estimates available from the U.S. Bureau of the Census at such time that any repayment of funds is required.