Imprest Operating Account: Sample Clauses

Imprest Operating Account:. The County shall establish, in its name and to its credit, an Imprest Operating Account to be used exclusively for payment by Management by check of Reimbursable Operating Expenses, excluding those paid from other accounts or funds pursuant to this Agreement. Checks to be issued from this account should not be released to the vendor for payment until such time as the County has approved the expenditure. The County shall approve all expenses reflected in the Annual Operating Budget, including expenses in the budget as may be modified pursuant to and in accordance with Section 4.01 above. Notwithstanding such approval, Management remains responsible for ensuring such expenses were incurred consistent with the duties and obligations of Management under this Agreement, and shall remain liable to County for any expenses which are inconsistent with such duties and obligations. The Imprest Operating Account shall be funded by the County in such amounts as the Department shall deem necessary to ensure that payments are made on a timely basis. The balance of the Imprest Operating Account may be increased or decreased by the Department, from time to time, based on experience. The Department shall designate authorized signatures for this Imprest Operating Account, including County, Department, and Management representatives as the Department shall deem appropriate and authorize, in writing, from time to time. Bank statements and cancelled checks pertaining to the Imprest Operating Account shall be sent directly to the Department. Said documents shall be picked up by Management from the Department for reconciliation and shall be returned within five working days thereafter. When applicable, Management should utilize electronic computer access to bank accounts and statements to facilitate the timely reconciliation of the monthly bank statement, in which case, the due date of the reconciliation will be adjusted accordingly.