Finance and Management Clause Samples
The "Finance and Management" clause outlines the responsibilities and procedures related to the financial oversight and administrative management of an agreement or project. Typically, this clause specifies how funds will be handled, who is responsible for financial reporting, and what standards or practices must be followed in managing resources. For example, it may require regular financial statements, adherence to specific accounting principles, or designate a party to oversee budget compliance. Its core practical function is to ensure transparency, accountability, and proper stewardship of financial resources, thereby reducing the risk of mismanagement or disputes over financial matters.
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Finance and Management. All financial information for special events; all financial reporting and general ledger information; all audit results; all tax information (income tax, sales tax, payroll tax, etc.); all board of director minutes or minutes of other managerial meetings and all matter discussed at said meetings; cost accounting information; all competitive information of preparing bids; accounting numbers of checking, savings, and other banking accounts; and all information regarding cash held in-house, including balances or procedures for transferring/balancing/safekeeping cash.
Finance and Management. The Project Sponsor shall ensure that records of all documents and expenditure relating to the Project, including without limitation invoices, receipts and bank statements are kept for a minimum of seven years beyond the end of ERDF funding programme and shall also be available for inspection by BMBC and all other interested parties in connection with the said funding (as the ERDF funding finishes [31st December 2019], this means all records should be kept until at least 31st December 2027). Full, accurate and proper records to be kept pursuant to this provision shall include: Full application documentation, including procurement; original bank statements; original receipts and invoices for all items of expenditure relating to the Project; appropriate output documentation and evidence of outcomes relating to the Project. The Project Sponsor must also allow BMBC and DCLG and their internal and external auditors access to all information as requested; this includes without limitation access to accounts, premises, facilities, output documentation and other records. ERDF Grant will only be paid against the approved Voucher. It is the responsibility of the Project Sponsor to ensure that all its relevant personnel familiarise themselves with the terms of this Funding Agreement (including the Schedules), the approved ERDF Voucher Plan and any other documentation considered relevant by the Project Sponsor and notified to them. The Project Sponsor shall maintain either a separate accounting system or an adequate accounting code for all transactions relating to the Project without prejudice to ERDF audit requirements.
Finance and Management