Financial Acquittal Report Clause Samples
A Financial Acquittal Report clause requires a party to provide a detailed account of how funds received under an agreement have been spent. Typically, this involves submitting documentation such as receipts, invoices, and a summary of expenditures to demonstrate that the funds were used in accordance with the contract's terms. The core function of this clause is to ensure transparency and accountability in financial management, helping to prevent misuse of funds and providing assurance to the funding party.
Financial Acquittal Report. The Financial Acquittal Report must:
(a) include a statement of the fees received and any Capital Item purchased (if applicable) for the Services during the Term and, if required, evidence of the fees and costs of the Capital Item in the form of tax invoices, receipts or bank statements; and
(b) be signed by an authorised officer of the Recipient.
Financial Acquittal Report. A Financial Acquittal Report is a certification from the Grantee stating that funds were spent for the purpose provided as outlined in the Grant Agreement and in-which the Grantee is required to declare unspent funds. The Financial Acquittal Report must be certified by your Board, the Chief Executive Officer or one of your officers, with authority to do so verifying that you have spent the funding on the Activity in accordance with the Grant Agreement. or
Financial Acquittal Report. The financial acquittal report submitted by the Grantee with the Capital Works Completion Report must set out the following details:
a) verification the grant has been spent in accordance with this Agreement;
b) the actual expenditure on each Asset, including expenditure funded by Other Contributions (and identifying each contributor); ee
c) the in-kind Other Contributions set out in clause 2.1 received; Sample Grant Agr
d) the actual expenditure on each Project; and
e) [Drafting note: other requirements may be inserted by the Commonwealth relevant to the funded Projects]. The financial acquittal report must be audited by:
a) a Registered Company Auditor under the Corporations Act 2001 (Cth); or
b) a certified Practising Accountant; or
c) a member of the National Institute of Accountants; or
d) a member of the Institute of Chartered Accountants; who is not a principal member, shareholder, officer or employee of the Grantee or a related body corporate.
Financial Acquittal Report. The Financial Acquittal Report must be a report signed by the Authorised Officer which includes:
(a) information accounting for how the Funding has been spent:
(i) on Eligible Project Expenses; and
(ii) otherwise in accordance with the Budget;
(b) details and evidence of the amount and type of financial contribution made by the Recipient and each of the Collaborators to the Project;
(c) the amount of any unspent Funding; and
(d) any other information and material reasonably requested by HWQld.