Common use of Funds Paid in Advance Clause in Contracts

Funds Paid in Advance. If the Subrecipient is provided Subaward funds in advance pursuant to this Agreement, the Subrecipient and the County must agree to and execute the Subaward Advance Terms and Affidavit attached to this Agreement as “Form 3.” Additionally, the Subrecipient hereby certifies to the County that, if received an advance of the Subaward: 1. It shall comply with 2 CFR 200.305(b) (or, for HHS awards: 45 CFR § 75.305(b)) (“Payment”) and therefore shall: a. Maintain written procedures that minimize the time elapsing between: (i) the transfer of funds by the County to the Subrecipient, and (ii) the Subrecipient’s disbursement of those funds for direct project costs and the proportionate share of any allowable indirect costs; b. Review 2 CFR 200.305(b) (or, for HHS awards: 45 CFR § 75.305(b)) and maintain financial management systems that comply with the standards therein for fund control and accountability; and c. Make timely payment to its contractors and vendors.

Funds Paid in Advance. If the Subrecipient is provided Subaward funds in advance pursuant to this Agreement, the Subrecipient and the County must agree to and execute the Subaward Advance Terms and Affidavit attached to this Agreement as “Form 3.” Additionally, the Subrecipient hereby certifies to the County that, if received it receives an advance of the Subaward: 1. It shall comply with 2 CFR 200.305(b) (or, for HHS awards: 45 CFR § 75.305(b)) (“Payment”) and therefore shall: a. Maintain written procedures that minimize the time elapsing between: (i) the transfer of funds by the County to the Subrecipient, and (ii) the Subrecipient’s disbursement of those funds for direct project costs and the proportionate share of any allowable indirect costs; b. Review 2 CFR 200.305(b) (or, for HHS awards: 45 CFR § 75.305(b)) and maintain financial management systems that comply with the standards therein for fund control and accountability; and c. Make timely payment to its contractors and vendors.

Funds Paid in Advance. If the Subrecipient is provided Subaward funds in advance pursuant to this Agreement, the Subrecipient and the County must agree to and execute the Subaward Advance Terms and Affidavit attached to this Agreement as “Form 3.” Additionally, the Subrecipient hereby certifies to the County that, if received it receives an advance of the Subaward: 1. It shall comply with 2 CFR 200.305(b) (or, for HHS awards: 45 CFR § 75.305(b)) (“Federal Payment”) and therefore shall: a. Maintain written procedures that minimize the time elapsing between: (i) the transfer of funds by the County to the Subrecipient, and (ii) the Subrecipient’s disbursement of those funds for direct project costs and the proportionate share of any allowable indirect costs; b. Review 2 CFR 200.305(b) (or, for HHS awards: 45 CFR § 75.305(b)) and maintain financial management systems that comply with the standards therein for fund control and accountability; and c. Make timely payment to its contractors and vendors.