Common use of Fiscal Requirements Clause in Contracts

Fiscal Requirements. 1. Provider agrees to spend all funds received under this Agreement in accordance with the authorized cost categories as identified in Appendix G. 2. Provider will maintain adequate source records including, but not limited to, invoices, payroll records, time sheets and receipts for up to three years after the termination of this Agreement. a. Copies of all receipts submitted by the Provider must be “legible” and provide the following information: 1. Name of vendor from which the item was purchased; 2. Date of the purchase, which must coincide with the period in which the reimbursement is requested; 3. Identification and quantity of items purchased; and 4. Amount spent (excluding all taxes, late payment fees, etc.). b. All purchases must include a written description of the purpose of the expenditure on the monthly “Schedule of Paid Costs.” A Schedule of Paid Costs Monthly Report form is included in Appendix G. Any purchase that does not include a description will not be approved for reimbursement. 3. Provider will use appropriate cash management procedures so that public funds disbursed under this Agreement are discernible from other funds. 4. Provider will expend and account for funds in a manner consistent with: the provisions of this Agreement; 34 C.F.R. § 75.532, (U.S. Department of Education General Administrative Regulations (“XXXXX”)); and for allowable costs as outlined in 2 C.F.R. § 200.400 et seq. 5. Provider must submit an amended budget to MPS for approval prior to making any adjustments in the budget category amounts. Budget amendments will not be accepted after February 26, 2016. 6. Any remaining funds allocated to Provider, but not expended, during the term of this Agreement will remain under the jurisdiction of the Board for future programming. 7. Provider understands that a portion of any funds raised by the Board for the CLCs may be used to assist with MPS’s CLC operation costs.

Fiscal Requirements. Contractor shall comply with all fiscal requirements set forth below: 1. Provider agrees Prepare and submit to spend all MPS an Annual Budget set forth in the required format that equals the amount of payments set forth in II.A. 2. Expend and account for funds in a manner consistent with the provisions of this Contract, Appendix E and F. Contractor shall obtain written permission from MPS prior to making any expenditure which deviates 10% or more in any budgeted category of the Contractor’s Annual Budget set forth in Appendix E. Contractor shall not expend less than the total amount of the Contract without the express written permission of MPS 3. Complete and provide the Board with one copy of the annual single audit report performed according to the requirements of the Office of Management and Budget, 2 CFR Part 200, OMB Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, regardless of the portion of federal funds received under this Agreement from the Board, no later than 4 months after Contractor’s year ends, if applicable. Contractor shall also provide the Board with a copy of the annual audited financial statements. In addition, Contractor shall submit, to MPS, management letters and/or reports of independent auditors transmitting reportable conditions or advice to Contractor. Reports shall be submitted to MPS no later than 4 months after the Contractor’s year ends, unless a written extension is obtained from the appropriate MPS administrator. Instructional, instructional support and non-instructional support cost classifications, for auditing purposes, shall be evaluated in accordance with the authorized cost categories as identified guidelines set forth in Appendix G.the most current version of the Wisconsin Uniform Financial Accounting Requirements (WUFAR), available through the Wisconsin Department of Public Instruction (DPI), or any guidelines pre-approved by MPS. 24. Provider will maintain Maintain adequate source records records, including, but not limited to, invoices, payroll records, time sheets sheets, and receipts for up to three years after the termination of this Agreementreceipts. a. Copies of all receipts submitted by the Provider must be “legible” and provide the following information: 15. Name of vendor from which the item was purchased; 2. Date of the purchase, which must coincide with the period in which the reimbursement is requested; 3. Identification and quantity of items purchased; and 4. Amount spent (excluding all taxes, late payment fees, etc.). b. All purchases must include a written description of the purpose of the expenditure on the monthly “Schedule of Paid Costs.” A Schedule of Paid Costs Monthly Report form is included in Appendix G. Any purchase that does not include a description will not be approved for reimbursement. 3. Provider will use Use appropriate cash management procedures procedures, so that the public funds disbursed dispersed under this Agreement Contract are discernible from other funds. Maintain cash disbursement obligations directly associated with this Contract in a segregated account documented by ledger entries. 46. Provider will Complete and provide the Board with a Contractor Request For Funds Form attached hereto and incorporated herein by reference as Appendix I in order to claim payment for services performed in operating the Educational Program in accordance with the payment schedule in paragraph II.A. below. 7. Deliver to the Board a semi-annual financial report covering the period from July 1 through December 31 of the current year and showing budgeted expenses vs. actual expenses in the format set forth in Appendix E and F no later than February 20 of each year. 8. Deliver to the Board an annual financial report covering the period from July 1 through June 30 of the current year and showing budgeted expenses vs. actual expenses in the format set forth in Appendix E and F no later than July 31 of each year 9. Contractor shall expend and account for funds in accordance to the federal guidelines set forth in the Office of Management and Budget, 2 CFR Part 200, OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 10. Contractor shall request in writing a manner consistent with: carryover if their annual expenditure report deviates 3% or more where revenue exceeds expenditures. This request must accompany the submission of their annual expenditure report. 11. Incur all costs associated with this Contract within the applicable term of this Contract and make payment for such costs no later than October 1 of each year. 12. Assume liability for any costs disallowed by the Board because of violations of provisions in applicable federal and state laws, regulations, or rules. The Board reserves the right to withhold payment under this Contract and/or terminate this Contract if Contractor fails to comply with the provisions of this Agreement; 34 C.F.R. § 75.532, (U.S. Department of Education General Administrative Regulations (“XXXXX”)); and Contract. The Board reserves the right to reduce any amount otherwise due under this Contract or under any future agreement that the parties may enter into for costs that the Board determines are not allowable costs as outlined in 2 C.F.R. § 200.400 et sequnder this Contract. 513. Provider must submit an amended budget Grant the Board, or any authorized MPS representative, the right to MPS review the financial, operational, administrative, performance and audit records of Contractor for approval prior a period of up to making any adjustments in 3 years following the budget category amounts. Budget amendments will not be accepted after February 26, 2016. 6. Any remaining funds allocated to Provider, but not expended, during the term expiration of this Agreement will remain Contract. If Contractor fails to allow a full and complete financial and compliance audit, this Contract shall become null and void and all funds advanced under this Contract shall be due and owing from Contractor to the jurisdiction of Board. If the Board for future programming. 7. Provider understands that a portion of any funds raised audit by the Board identifies costs as inappropriate, the Board shall be entitled to recover any payments to Contractor made under this Contract for such costs. 14. MPS shall review this plan and budget for fair presentation and reasonableness. Contractor shall submit to MPS any plans to incur long-term debt, the CLCs may funds to be used to assist with repay the debt, and the schedule of any interest incurred from debt chargeable to funds received from MPS’s CLC operation costs. MPS shall review this plan and schedule of repayment for fair presentation and reasonableness. Under no circumstances will this debt incur a liability to MPS.

Fiscal Requirements. 1. Provider agrees to spend all funds received under this Agreement in accordance with the authorized cost categories as identified in Appendix G. 2. Provider will maintain adequate source records including, but not limited to, invoices, payroll records, time sheets and receipts for up to three years after the termination of this Agreement. a. Copies of all receipts submitted by the Provider must be “legible” and provide the following information: 1. Name of vendor from which the item was purchased; 2. Date of the purchase, which must coincide with the period in which the reimbursement is requested; 3. Identification and quantity of items purchased; and 4. Amount spent (excluding all taxes, late payment fees, etc.). b. All purchases must include a written description of the purpose of the expenditure on the monthly “Schedule of Paid Costs.” ”. A Schedule of Paid Costs Monthly Report form is included in Appendix G. Any purchase that does not include a description will not be approved for reimbursement. 3. Provider will use appropriate cash management procedures so that public funds disbursed under this Agreement are discernible from other funds. 4. Provider will expend and account for funds in a manner consistent with: the provisions of this Agreement; 34 C.F.R. § 75.532, (U.S. Department of Education General Administrative Regulations (“XXXXX”)); and for allowable costs as outlined in 2 C.F.R. § 200.400 et seq. 5. Provider must submit an amended budget to MPS for approval prior to making any adjustments in the budget category amounts. Budget amendments will not be accepted after February 26, 2016. 6. Any remaining funds allocated to Provider, but not expended, during the term of this Agreement will remain under the jurisdiction of the Board for future programming. 7. Provider understands that a portion of any funds raised by the Board for the CLCs may be used to assist with MPSthe District’s CLC operation costs.

Fiscal Requirements. 1. Provider agrees to spend all funds received under this Agreement in accordance with the authorized cost categories as identified in Appendix G. 2. Provider will maintain adequate source records including, but not limited to, invoices, payroll records, time sheets and receipts for up to three seven years after the termination of this Agreement. a. Personnel expenditures must be entered on a “Schedule of Paid Cost” form. Individual names and job position titles must be included for all staff. A Schedule of Paid Costs Monthly Report form is included in Appendix G. b. Copies of all receipts submitted by the Provider must be “legible” and provide the following information: 1. Name of vendor from which the item was purchased; 2. Date of the purchase, which must coincide with the period in which the reimbursement is requested; 3. Identification and quantity of items purchased; and 4. Amount spent (excluding all taxes, late payment fees, etc.). b. c. All purchases must include a written description of the purpose of the expenditure on the monthly “Schedule of Paid Costs.” A Schedule of Paid Costs Monthly Report form is included in Appendix G. Any purchase that does not include a description will may not be approved for reimbursement. 3. Provider will use appropriate cash management procedures so that public funds disbursed under this Agreement are discernible from other funds. 4. Provider will expend and account for funds in a manner consistent with: the provisions of this Agreement; 34 C.F.R. § 75.532, (U.S. Department of Education General Administrative Regulations (“XXXXX”)); and for allowable costs as outlined in 2 C.F.R. § 200.400 et seq. 5. Provider must submit an amended budget to MPS for approval prior to making any adjustments in the budget category amounts. Budget amendments will not be accepted after February 26January 18, 20162019. 6. Any remaining funds allocated to Provider, but not expended, during the term of this Agreement will remain under the jurisdiction of the Board for future programming. 7. Provider understands that a portion of any funds raised by the Board for the CLCs may be used to assist with MPS’s CLC operation costs.