Common use of FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS Clause in Contracts

FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS. The Grantee agrees that, at a minimum, its fiscal control and accounting procedures will be sufficient to permit tracing of Grant funds to a level of expenditure adequate to establish that such funds have not been used in violation of California law or this Grant Agreement. Unless otherwise prohibited by State or local law, the Grantee further agrees that it will maintain separate Project accounts in accordance with generally accepted accounting principles. a. Grantee shall not commingle Grant funds with any other accounts, revenues, grants, donations or funds. Maintain all Grant funds in a separate bank account designated specifically for the purposes of carrying out the obligations of this Grant Agreement. The bank account must be held in the name of the Grantee (the official non-profit corporate name, and not a dba), and no other person or entity. Grant funds are not the assets of the Grantee and shall not be used, obligated or relied upon for any purposes other than those purposes and uses set out in this Grant Agreement. Grant funds shall not be used as collateral for or an obligation to any debt, loan or other commitments of Grantee, its officers, agents, assigns, contractors, subcontractors, subgrantees or affiliates. Grantee shall ensure that the Grantor is designated in writing as a third party beneficiary of all bank accounts in which Grant funds are maintained.

FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS. The Grantee agrees that, at a minimum, its fiscal control and accounting procedures will be sufficient to permit tracing of Grant funds to a level of expenditure adequate to establish that such funds have not been used in violation of California law or this Grant Agreement. Unless otherwise prohibited by State state or local law, the Grantee further agrees that it will maintain separate Project Grant award accounts in accordance with generally accepted accounting principles. a. Grantee shall not commingle Grant funds with any other accounts, revenues, grants, donations or funds. Maintain all Grant funds in a separate bank account designated specifically for the purposes of carrying out the obligations of this Grant Agreement. The bank account must be held in the name of the Grantee (the official non-profit corporate name, and not a dba), and no other person or entity. Grant funds are not the assets of the Grantee and shall not be used, obligated or relied upon for any purposes other than those purposes and uses set out in this Grant Agreement. Grant funds shall not be used as collateral for or an obligation to any debt, loan or other commitments of Grantee, its officers, agents, assigns, contractors, subcontractors, subgrantees or affiliates. Grantee shall ensure that the Grantor is designated in writing as a third third-party beneficiary of all bank accounts in which Grant funds are maintained.