Project Financial Statements Clause Samples
The 'Project Financial Statements' clause requires the preparation and provision of detailed financial records related to a specific project. Typically, this clause outlines the types of financial statements to be produced—such as balance sheets, income statements, and cash flow reports—and may specify the frequency and format in which these documents must be delivered to relevant parties, like project owners or funders. By mandating transparent and regular financial reporting, this clause ensures accountability, facilitates financial oversight, and helps prevent disputes over project expenditures.
Project Financial Statements. In the event that the Project shall have two or more tenants or subtenants, Borrower shall provide Lender with operating statements for the Project on or before each Financial Statement Delivery Date in reasonably acceptable form to Lender, (2) contain comparative information for the two (2) previous calendar years, (3) be certified as true, correct and complete by Borrower, and (4) at Lender's election after the occurrence of an Event of Default under any of the Loan Documents or while any uncured Potential Default exists under any of the Loan Documents, be certified by a certified public accountant acceptable to Lender.
Project Financial Statements. The Applicant shall provide a cumulative Statement of Program Cost and a Detailed Schedule of Expenditures to the Commissioner in the approved DECD project statement format as outlined in the most current Accounting Manual located at ▇▇▇▇▇://▇▇▇▇▇▇.▇▇.▇▇▇/-/media/DECD/FinancialReview/edacctgmanualpdfrevjan2019-new.pdf?la= en This information will be required to be provided within ninety (90) days after the expiration date of the Project Financing Plan and Budget or earlier as determined by the Commissioner. Further information, such as supporting documentation (i.e. copies of invoices, cancelled checks, contracts etc.) for the expenditures charged may be requested from the Applicant, as necessary.
Project Financial Statements. The Project Financial Statements (PFS) should include as a minimum the information required by the IPSAS “Financial Reporting Under The Cash Basis of Accounting” issued by the International Public Sector Accounting Standards Board (the IPSASB) of the International Federation of Accountants (IFAC). These would include: A Summary of Funds received, showing the World Bank, Project funds from other donors, and counterpart funds (if available) separately; A Summary of Expenditures paid in cash, shown under the main project headings and by main categories of expenditures, both for the current fiscal year and accumulated to-date;
c) Accounting policies and explanatory notes3 (including additional accounting policies and disclosures), covering a Summary of Summary Reports or SOEs used as the basis for the submission of withdrawal applications in the notes, as appropriate; a Statement of Designated Account in the notes, as appropriate; a Statement of Financial Position showing Accumulated Funds of the Project, bank balances, other assets of the Project, and liabilities, if any; and When the entity makes publicly available its approved budget, a comparison of budget and actual amounts either as a separate additional financial statement or as a budget column in the statement of cash receipts and payments.
Project Financial Statements. The auditor shall verify that the Project's financial statements have been prepared in accordance with accepted accounting principles (see paragraph 3 above) and give a fair presentation of the resources and expenditures as at the year ended. The Project's financial statements should include:
a. A statement of resources (funds received from ▇▇▇) and uses (expenditures incurred in the financial year under review);
b. A statement of transactions on Designated Accounts, including operating and other related accounts;
c. A statement of the financial position indicating Project accumulated funds, bank balances, other assets and liabilities of the project and commitments, if any;
d. The notes to the financial statements describing the accounting principles used and presenting a detailed and explanatory analysis of the major accounts;
e. The list of fixed assets acquired or purchased with the Project funds. The auditor shall notably present in an annex to the financial statements, a reconciliation of funds received by the Project from World Bank on the one hand, and the funds disbursed by World Bank on the other hand.
Project Financial Statements. 4.1 The auditor should verify that the project financial statements have been prepared in accordance with an acceptable accounting standards framework. The financial statements consist of the following:
a. A Statement of Sources and Uses of Funds showing separately funds received from: ▪ the World Bank; ▪ other donors; ▪ the government as counterpart funds; and ▪ other sources of funds, if applicable. Expenditures should be shown by main project component and by credit/grant agreement category.
b. A Balance Sheet.
c. A Statement of Designated Account.
d. Notes to the financial statements which should include a summarized description of the project, significant accounting principles used by the project, the project fiscal period, reconciliation between amounts shown in the project records as having being received from the World Bank and that shown as having being disbursed by that Bank, and other explanatory notes. The reconciliation should include a list of Withdrawal Applications and reference the individual Withdrawal Application numbers, amounts and method of disbursement (advance, reimbursement or direct payment) of each Withdrawal Application.
4.2 The format of interim unaudited financial reports (IFRs) is generally acceptable as the format for year-end financial statements.