Fiscal Management. Grantee must have accounting and internal control systems to ensure proper management of federal and state funds, maximize non-federal resources, and maintain solvency. Xxxxxxx’s accounting and internal control systems must meet the following requirements:
3.3.1 The systems must be appropriate to the size of the organization;
3.3.2 The accounting system must consist of source documents, a chart of accounts, journals, ledgers, and routine financial reports;
3.3.3 The accounting system must be capable of producing expenditure reports, cost center analyses, budget formats, and automated reports as required by, and without additional support from, HHSC;
3.3.4 The accounting and internal control system must safeguard Grantee’s assets, produce accurate accounting data, promote efficient operations, and encourage adherence to prescribed accounting policies and procedures; and
3.3.5 The accounting and internal control systems must involve a division of responsibility among different employees for a sequence of related functions, clear establishment of each employee's responsibilities and duties, and use of standards such as procurement policies, proofs, checks, and other security measures.
Fiscal Management. UNIVERSITY will maintain complete and accurate accounting records in accordance with accepted accounting practices for institutions of higher education. UNIVERSITY will make the accounting records available for inspection and audit by SPONSOR or its authorized agent, at reasonable times upon reasonable notice at SPONSOR’s expense for three years following the end of UNIVERSITY's fiscal year (July 1 - June 30) in which Research Costs are incurred.
Fiscal Management i. The Governing Board shall comply with the same financial audits, audit procedures and audit requirements of school districts. The program, financial, and compliance audits may be conducted by the chartering entity or the Legislative Auditors Office. The Governing Board shall maintain the financial records of the School pursuant of the governing authority and the State Auditor’s Office.
ii. Generally accepted standards of fiscal management are those fiscal practices which result in a school’s continued ability to meet the measures, metrics, and targets found in the performance standards below, or more restrictive performance standards imposed in a trust agreement with external entities involved in facilities finance; provisions stated below will be considered binding in the absence of more restrictive covenants entered into by the school as a result of trust obligations. Generally accepted standards of fiscal management will include but are not limited to practices outlined in statutes pertaining to the management of school district budgets (U.C.A. §53A-19). Measure Metric Minimum Standard Audit findings or recommendations Number of material findings, financial condition findings, or repeated significant findings No unresolved material findings, financial condition findings, or significant findings Current ratio Current Assets ÷ Current Liabilities > 1.15 Debt ratio Total Liabilities ÷ Total Assets < 0.9 Occupancy costs Facility Costs ÷ Total Operating Revenues < 22% Maintain applicable bond covenants No Default Certification, Audited Financial Statements Yes Current assets to total annual operating expenses Current Assets ÷ (Total Annual Operating Expenses ÷ 365) > 30 - 60 days cash on hand or cash reserve as required by bond covenants, whichever is greater Adherence to Budget (Budgeted expenditure - Expenditure) / Budgeted expenditure Overall budget to actual expenditures within 10% of budget
Fiscal Management. The Counties consenting to this Agreement, along with the local WDB, will select the WIOA Grant Recipient and Administrative Entity. The WIOA Grant Recipient is responsible for the job training and related services. The Administrative Entity shall keep itemized and detailed records covering all expenditures under the budget incorporated in the jointly approved and submitted Local Plan from the Authorized Representative and the WDB. The local WDA Administrative Entity shall conform to all the fiscal requirements of all applicable laws.
Fiscal Management. 1. The Association will conduct its fiscal operations in accordance with accepted business practices. This includes the appropriate use of a funds accountability system, purchase orders, receipts, invoices, and inventory records.
2. The Association shall annually submit (within 135 days following the end of each fiscal year) a complete financial report to the Corps which includes a written summary of Association activities for the year.
3. The Corps may review the fiscal records of the Association at any time during the term of this Agreement.
Fiscal Management. The Executive Director is responsible for the care and custody of all funds of the Authority and for the prudent management of the resources of the Authority. The Executive Director oversees all bookkeeping, accounting and financial activities including but not limited to: Deposit all funds of the Authority in the name of the Authority in such bank or banks as the Board shall select; Maintenance of accurate books of account showing receipts and expenditures; Preparation of an annual budget within budget guidelines for review and approval by the Board and DHCD as well as operating statements and financial reports and submissions; Maintenance of an accurate inventory of agency property and protect all such property; Procurement and purchase activities in accordance with procedures approved by the Board and in accordance with all applicable state, federal and local laws, and;. Make notification to DHCD of any potential legal claims or lawsuits brought against the Authority for any incidents occurring on state-aided property. Personnel. Executive Director is authorized to transact all personnel actions subject to the Personnel Policy, and to report such actions as necessary to the Board. The Executive Director is responsible for: Recruitment, hiring, staffing and supervision of department heads and any personnel not under the supervision of department heads; Ensuring that performance evaluations of all staff are completed; Determining the need for travel and training of all employees, and approval or denial of staff travel and training requests, consistent with the Authority’s annual budget; Promotion, demotion and disciplinary actions; and Review and update of the Personnel Policy and all job descriptions, as needed, and; Compliance with all state and federal employment laws.
Fiscal Management. The provisions for fiscal management of the Association set forth in the Articles of Incorporation shall be supplemented by the following provisions:
Fiscal Management. JNC shall make a cash contribution with the sum of $250,000 in United States dollars to conduct the activities related to the completion of joint studies into safeguards techniques as defined in Appendix I of this Action Sheet in the following manner:
a.) A contribution of $40,000 in United States dollars shall be due and payable upon receipt of an invoice to be issued in Japanese Fiscal Year (JFY) 1998 after the date of signature of the Action Sheet.
b.) A contribution of $120,000 in United States dollars shall be due and payable upon receipt of an invoice to be issued in April 1999. This payment is subject to approval and the appropriation of necessary funding by the Japanese Government for JFY 1999. A contribution of $90,000 in United States dollars shall be and payable upon receipt of an invoice to be issued in April 2000. This payment is subject approval and the appropriation of necessary funding by the Japanese Government for JFY 2000. All contributions by JNC shall be due and payable within thirty days of receipt by of an invoice from DOE, subject to availability of appropriated funds to JNC. DOE shall be responsible for the budget planning and financial management and shall make best efforts to complete the JNC-funded activities in Appendix I satisfactorily and within the cash contribution by JNC. DOE costs are determined in accordance with DOE’s policy for costing work it performs for others as set forth in 10 CFR Part 1009. The total cost to for DOE’s performance of work under this Action Sheet shall not, without prior consent, exceed the contributions set forth above. DOE shall not begin or carry out work prior to entry into force of the Agreement and Action Sheet and receipt of the required payment in advance. Work shall not be continued after funds from JNC have been depleted. Throughout the duration of work under this Action Sheet, JNC shall provide sufficient funds in advance to reimburse DOE for causing LANL to perform the work described in this Action Sheet, and DOE shall have no obligation to perform in the absence of adequate advance funds. Payment in advance from JNC shall be sufficient to cover the expected obligation and cash requirements of the work until request for payment in advance can be made, collected, and recorded. In this regard, sufficient advance shall be provided to maintain, at a minimum, a continuous 90-days advance of funds for expected DOE fund requirements during the life of this Action Sheet. Advances shall be suffi...
Fiscal Management. The Executive Director is responsible for the care and custody of all funds of the Authority and for the prudent management of the resources of the Authority. The Executive Director oversees all bookkeeping, accounting and financial activities including but not limited to:
a. Deposit all funds of the Authority in the name of the Authority in such bank or banks as the Board shall select;
b. Maintenance of accurate books of account showing receipts and expenditures;
c. Preparation of an annual budget within budget guidelines for review and approval by the Board and DHCD as well as operating statements and financial reports and submissions;
d. Maintenance of an accurate inventory of agency property and protect all such property;
e. Procurement and purchase activities in accordance with procedures approved by the Board and in accordance with all applicable state, federal and local laws, and;.
f. Make notification to DHCD of any potential legal claims or lawsuits brought against the Authority for any incidents occurring on state-aided property.
Fiscal Management. The University shall maintain complete and accurate accounting records in accordance with accepted accounting practices for institutions of higher education. These records shall be available for inspection, review and audit at reasonable times during the term of this Agreement and for a period of [ * ] after the termination hereof by the Sponsor or any of its duly authorized representatives, at Sponsor’s expense.
