FINANCES AND RECORDS Clause Samples

FINANCES AND RECORDS. 16.1 The Board appoints at least two signing officers. 16.2 The Treasurer and Manager prepare a provisional budget for the upcoming year, which is approved by the LDAG at least two months prior to the end of the fiscal year. 16.3 The Board approves the budget prior to the new fiscal year. 16.4 The Board authorizes all changes to the approved budget. 16.5 Accounts and financial records are maintained according to generally accepted accounting principles. 16.6 The Manager ensures that monthly financial reports are prepared and submitted to the Treasurer each month and posts the financial reports to a secure NELF website quarterly. 16.7 The Manager ensures that year-end financial statements are prepared and submits them to the Treasurer and Chairperson within 30 days of year end. Once they are approved by the Board and signed, the Manager posts the financial statements to a secure NELF website. 16.8 The Manager ensures that the Statement of Financial Information (SOFI) is prepared and submits it to the Treasurer and Chairperson for their review by April 15th of each year. Once the SOFI has been approved by the Board and signed, the Manager submits the SOFI to Libraries Branch by the due date. 16.9 In the event of the dissolution or winding up of NELF, distribution of remaining assets after assignment of liabilities shall be distributed to the Member Libraries on the basis of the per capita/per library funding formula used by Libraries Branch at the date of dissolution.

FINANCES AND RECORDS. 42. The Board shall appoint at least two signing officers for the organization. 43. By resolution, the Board may assign signing authority for cheques below a specified amount to the AAG Chair and an InterLINK employee. 44. The Finance Committee must present a provisional budget to the Board no later than the first Board meeting of the fiscal year and the Board must approve the budget no later than the second meeting of the fiscal year. 45. Changes to the approved budget must be authorized by the Board. 46. Accounts and financial records shall be maintained in accordance with generally accepted accounting practice in consultation with the Board's auditors. 47. The fiscal year end shall be December 31 of each year. 48. A financial statement shall be prepared and submitted to the Board for review at least four times a year and the Finance Committee shall render year end financial statements to the Board within 3 months of the end of the fiscal year. 49. An audit of InterLINK accounts shall be made in accordance with generally accepted accounting principles at the end of each fiscal year. The audit shall be made by a firm of chartered accountants appointed annually at the Inaugural Meeting. Audited statements shall be presented to the Board at the earliest reasonable opportunity. 50. No Board Member and no employee of InterLINK shall be the auditor. 51. In the event of the dissolution or winding up of InterLINK, distribution of remaining assets and assignment of liabilities shall be distributed to the Parties on the basis of the per capita formula used at the date of dissolution in assigning operating costs to the Parties.

FINANCES AND RECORDS. All AIC documents and records pertaining to operation of the information network will be available for inspection, auditing and copying by the INA, or other authorized representatives designated by the INA. Monthly income statements and balance sheets for the information network will be provided to the INA by AIC. AIC also agrees to comply with any recommendations made in any audit, unless AIC and INA otherwise mutually agree. Any such audit will be performed by a competent and reputable CPA licensed in Arkansas. To the extent the audit report discloses any discrepancies in the AIC charges, ▇▇▇▇▇▇▇▇ or financial records, and following a period for review and verification of the amount by AIC, AIC will adjust the next monthly ▇▇▇▇ as soon as reasonably possible, but not to exceed 90 days. AIC shall cooperate to assure that verification is completed in a timely manner. The accounting system is to include a numbered chart of accounts, books of original entry of all transactions, appropriate subsidiary ledgers, a general ledger which includes to-date postings and an audit trail through financial statements. Such books may either be maintained on paper or on computer with appropriate backup. AIC shall from the beginning of this Contract adopt the calendar year ending December 31, for reporting purposes.

FINANCES AND RECORDS. All NII documents and records pertaining to Network operations will be available for compliance auditing and inspection by NSRB, or other authorized representatives designated by NSRB. Monthly income statement and balance sheet Contract for Network Manager Services NSRB & NII December 3, 1997 Page 12 information will be provided to NSRB by NII. NII also agrees to make other changes requested by NSRB to comply with recommendations made in any compliance audit, which changes are agreed to by both NSRB and NII. Any such compliance audit will be performed by a competent and reputable CPA licensed in Nebraska. To the extent the compliance audit report discloses any discrepancies in the NII charges, ▇▇▇▇▇▇▇▇ or financial records, and following a period for review and verification of the amount by NII, NII will adjust the next monthly ▇▇▇▇ as soon as reasonably possible, but not to exceed 90 days. NII shall cooperate to assure that verification is completed in a timely manner. The accounting system is to include a numbered chart of accounts, books of original entry of all transactions, appropriate subsidiary ledgers, a general ledger which includes to-date postings and an audit trail through financial statements. Such books may either be maintained on paper or on computer with appropriate backup. NII shall adopt the calendar year ending December 31, for reporting purposes. On an annual basis, NII will provide audited financial statements to the NSRB.

FINANCES AND RECORDS. All I@I documents and records (as defined in section 5 above), by whatever name and in whatever form, pertaining to operation of the Network will be available for inspection, auditing and copying by the State, or other authorized representatives designated by the State. Monthly income statements and balance sheets for the Network will be provided to the Governing Body by I@I. All such records are the exclusive property of the State, and must be retained in accordance with Indiana Code 5-15-5.1 ET. SEQ., the Indiana Administrative Code and all State record retention policies. All such records shall be delivered immediately upon the termination of the Contract. I@I also agrees to make other changes requested by the Governing Body to comply with recommendations made in any audit, which changes are agreed to by both the Governing Body and I@I. Any such audit will be performed by a competent and reputable CPA licensed in Indiana and with the consent of the State Board of Accounts. To the extent the audit report discloses any discrepancies in the I@I charges, ▇▇▇▇▇▇▇▇ or financial records, and following a period for review and verification of the amount by I@I, I@I will adjust the next monthly ▇▇▇▇ as soon as reasonably possible, but not to exceed ninety (90) calendar days. I@I shall cooperate to assure that verification is completed in a timely manner. The accounting system is to include a numbered chart of accounts, books of original entry of all transactions, appropriate subsidiary ledgers, a general ledger which includes to-date postings and an audit trail through financial statements. Such books may either be maintained on paper or on computer with appropriate backup. I@I shall from the beginning of this Contract adopt the calendar year ending December 31, for reporting purposes.

FINANCES AND RECORDS. All KIC documents and records will be available for inspection, auditing and copying by INK, the Legislative Division of Post Audit or other authorized representatives designated by INK. Monthly income statements and balance sheets will be provided to INK by KIC. KIC also agrees to make other changes requested by INK to comply with recommendations made in any audit, which are agreed to by both INK and KIC. To the extent the audit report discloses any discrepancies in the KIC charges, ▇▇▇▇▇▇▇▇ or financial records, and following a period for review and verification of the amount by KIC, KIC will adjust the next monthly ▇▇▇▇ as soon as reasonably possible but not to exceed 90 days. KIC shall cooperate to assure that verification is completed in a timely manner. The accounting system is to include a numbered chart of accounts, books of original entry of all transactions, appropriate subsidiary ledgers, a general ledger which includes to-date postings and an audit trail through financial statements. KIC shall from the beginning of this Contract adopt the calendar year ending December 31, for reporting purposes.

FINANCES AND RECORDS a) The Board appoints at least two signing officers. b) The LDAG and Federation Director prepare a provisional budget for the upcoming year, which is approved by the Board prior to the New Year. c) The Board authorizes all changes to the approved budget. d) Accounts and financial records are maintained according to generally accepted accounting principles. e) The Federation Director maintains the financial records and prepares quarterly financial reports, submits the reports to the Treasurer for approval each quarter, then to the Board and LDAG members after approval. f) The fiscal year end is December 31st. g) An independent auditor will conduct an annual review of the financial records, within 45 days of the year end. h) The Federation Director prepares year-end financial statements and submits them to the Treasurer and Chairperson within 60 days of the year end. i) The Federation Director prepares the Statement of Financial Information (SOFI) and submits to the Treasurer and Chairperson for their review by April 15th of each year. Once approved and signed, the Federation Director submits the SOFI to the Libraries Branch by the due date. j) If the Federation is dissolved or discontinued, any remaining assets and liabilities will be shared by the Member Libraries on a prorated basis following the same per library/per capita formula used to calculate funding from the Libraries Branch.

FINANCES AND RECORDS