Financial Procedures. 2.10.1 Financial year shall commence on the 1st July and end on the 30th June, such period defined as the financial year shall be used for purposes of budgets, expenditures, cash flows and other operational requirements.
2.10.2 The employer reserves the right to ensure that finances are operated in accordance with the government’s financial regulations and can utilize the services of an auditor in this regard.
Financial Procedures. 4.1 The Organisation agrees to maintain proper governance and accounting arrangements and systems and practices to assist it with the proper management and administration of its finances. This must include:
(a) Maintaining a bank account in the name of the Organisation (with appropriate bank mandates) to receive the Grant;
(b) Income and expenditure reports for the Organisation’s work (including regular checks or reconciliation by the Organisation against its annual budget);
(c) Regular reporting to the Organisation’s governing body (including the provision of up to date financial and budgetary information on the Organisation);
(d) Arrangements for paying taxes and pensions as appropriate;
(e) Wherever possible making payments by cheque or electronic transfer;
(f) Arrangements for the secure handling and accurate recording of xxxxx cash; and
(g) Adopting appropriate financial procedures relating to cash receipts and income collection.
4.2 The Organisation must provide evidence of expenditure in respect of the Grant upon the request of the Executive. The Organisation must retain these records for the period of time required by relevant legislative requirements or for a minimum period of three years. At the request of the Executive the Organisation will provide the Executive with reasonable access to accounts, data, and records of all transactions arising out or related to the purpose of the Grant.
4.3 The nature of the Organisation’s accounts may vary according to the size and nature of the Organisation and the requirements of its governing documents and the Organisation will ensure that its accounts are examined or audited in accordance with relevant legal, regulatory and accountancy requirements and practices, as appropriate. The Organisation will ensure that the Grant (and expenditure related thereto) is separately identified in its accounts.
4.4 Organisations with a yearly total income or total expenditure equal to or less than €150,000:
4.5 Organisations with a yearly total income or total expenditure in excess of €150,000:
4.6 Any changes to the Organisation’s bank account details must be notified to the Executive immediately.
4.7 The Executive may require the Organisation to seek its advance written approval to sell or dispose of any asset or equipment where the Grant has been used to purchase or improve the asset or equipment. The Executive may attach a condition to any such sale or disposal that the Organisation must repay all or part of the Grant ...
Financial Procedures. Annually a budget will be prepared by the finance department of the Administrative Municipality with input from the Joint Board and Shellfish Conservation Committee. All funds and fines collected by the participating municipalities shall be held in a "Shellfish Ordinance Account(s)" by the Treasurer of the Administrative Municipality. Disbursement of account funds is restricted to costs directly incurred by implementation of this Agreement and/or Ordinance. Annually or on request, financial reports shall be provided to each participating municipality by the Administrative Municipality. Such reports shall include information concerning any jointly held properties. The fiscal year shall be the same as the Administrative Municipality's, or as set by the Municipal Joint Board. The intent is that this program will be paid for equally amongst the participating municipalities.
Financial Procedures. 1. Centre Region COG members shall pay their share of administrative expenses and program costs within 35 days of the date of billing.
2. Payments must be received or postmarked by the due date or a penalty will be assessed at a rate established by the General Forum.
Financial Procedures. A. At least ninety (90) days prior to the beginning of each calendar year, the Administrator shall present to the Committee of Signatories a draft budget to meet the Operating Costs for GEMAA activities. Following the incorporation of any changes to the budget it deems necessary, the Committee of Signatories shall approve the budget prior to sixty (60) days before the beginning of each calendar year.
B. Subject to Article VI, at least forty-five (45) days prior to the beginning of each calendar year, the Administrator shall invoice each Signatory for the next year’s costs based on the approved budget, and in an amount sufficient to cover each Signatory’s respective share of the total Operating Costs of the GEMAA to be incurred during the following calendar year. All invoices shall be paid within ninety (90) days of receipt.
C. The Administrator will issue a semi-annual financial report for the GEMAA, comparing the actual expenses and receipts against the approved budget as of December 31 and June 30. Such reports shall be delivered to all Signatories by April 1 and September 1.
Financial Procedures. Docs In Progress will maintain books and financial records for the Project in accordance with generally accepted accounting principles. Docs In Progress will provide reports reflecting fundraising revenue to the Project on a quarterly basis, within two weeks after the end of each quarter.
Financial Procedures. The departments of the Parties responsible for financial administration shall establish one or more standard operating procedures to harmonize their accounting systems as they relate to the calculation of Costs of Goods Sold, Sales and Marketing Costs, Operating Margin, and Gross Profits, and to establish efficient methods for the exchange of information concerning such calculations.
Financial Procedures. The financial arrangements depend on the option(s) chosen. Please, contact CIRAD for further information.
Financial Procedures. 9.1 Successful Service Provider must keep and maintain proper financial and accounting systems and practices including: proper arrangements for paying taxes and National Insurance a bank account in the name of Successful Service Provider two people must sign all cheques with at least one signatory being a Trustee or Board member.
9.2 Successful Service Provider will be required to keep full written records and accounts detailing how the funding allocated by THE COMMISSIONERS is used and shall permit THE COMMISSIONERS access at all reasonable times to all accounting records and supporting information in respect of these records and accounts.
Financial Procedures. Each Party shall include in any agreement with its Affiliates or Sublicensees terms requiring such party to retain records as required in this Section 8.3 and to permit the such Party to inspect such records as required by this Section 7.3.
