Common use of Responsibilities of Fiscal Agent Clause in Contracts

Responsibilities of Fiscal Agent. The Fiscal Agent shall provide the following services for each of the two separate funds for which it is acting as fiscal agent: A. Deposit EARLY CHILDHOOD IOWA funds into accounts in accordance with Iowa Code Chapter 12C and the Cash Management Improvement Act, 31 U.S.C. §6501 et seq. B. Issue payments from the Early Childhood Iowa grant account as directed by authorized LOCAL BOARD personnel. Payments shall be issued to the individual, vendor, business, or other entity identified by the LOCAL BOARD, in the amount specified, and to the address provided by the LOCAL BOARD. Payments shall be issued as directed, within 10 work days from the date the Fiscal Agent receives written notification from authorized LOCAL BOARD personnel. C. Be responsible for any costs charged by the financial institution for maintaining the Early Childhood Iowa grant accounts or accounts containing EARLY CHILDHOOD IOWA X. Xx responsible for completing and submitting any 1099 reports as required by federal or state law or regulation. E. Maintain separate accounting records for School Ready Children Services and Early Childhood Program funds that at a minimum include the following: 1. For each School Ready Children Services grant payment and for each Early Childhood Program grant payment made as directed by the LOCAL BOARD: a. The date written notification/authorization was received from the Local Board. b. The name of the authorized LOCAL BOARD staff authorizing the payment. c. The name and mailing address of the payee. d. The amount of the payment. e. The check number or other unique identification of the payment. f. The date the payment was mailed or hand-delivered to the payee. g. The date the payment is cleared or paid out of the EARLY CHILDHOOD IOWA grant account or accounts containing EARLY CHILDHOOD IOWA grant funds. h. The date of any stop payment requested by the Fiscal Agent and the reason. 2. Running balances for each fund which include: a. The cumulative amount of payments authorized by the LOCAL BOARD. b. The cumulative amount of payments issued. c. Available Early Childhood Iowa grant funds that are not encumbered or otherwise allocated for payments made but not yet cashed. F. Provide for, account for and deposit the amount of any monthly bank costs for maintaining the Early Childhood Iowa fund account or proportion of such costs attributable to that portion of an account constituting Early Childhood Iowa grant funds, and the amount of any monthly interest earned for the Early Childhood Iowa fund account or proportion of such earnings attributable to that portion of an account constituting Early Childhood Iowa grant funds into the appropriate ECI fund account. G. Submit monthly expenditure reports within 10 work days from the end of the prior month to the LOCAL BOARD. Reports shall be submitted in a format agreed to by the LOCAL BOARD and the Fiscal Agent, and shall include as much of the information as the Fiscal Agent is required to maintain as described in this section as the LOCAL BOARD may request, and as is necessary to reconcile the records of the LOCAL BOARD with the records of the Fiscal Agent. H. Submit a report within 25 workdays from the end of the agreement period, or such earlier date as the agreement may be terminated, to the LOCAL BOARD. The report shall be submitted in a format agreed to by the LOCAL BOARD and the Fiscal Agent, and shall include as much of the information as the Fiscal Agent is required to maintain as described in this section and as the LOCAL BOARD may request, and as is necessary to reconcile the records of the LOCAL BOARD with the records of the Fiscal Agent. I. Iowa Administrative Code Chapter 541.9 requires an audit, conducted by an independent agency, of the early childhood Iowa funds managed by area boards. “Audit” means a financial review by area boards of early childhood Iowa funds. Area boards that receive over $500,000 in federal funds from all funding sources shall complete a full audit of the funds. Area boards that do not receive over $500,000 in federal funds from all funding sources, may complete a full audit or coordinate with the fiscal agent’s financial review to conduct the state board approved agreed-upon procedures. Requirements are found in the ECI on-line toolkit, Tool UU.

Responsibilities of Fiscal Agent. The Fiscal Agent shall provide the following services for each of the two separate funds for which it is acting as fiscal agent: A. Deposit EARLY CHILDHOOD IOWA funds into accounts in accordance with Iowa Code Chapter 12C and the Cash Management Improvement Act, 31 U.S.C. §6501 et seq. B. Issue payments from the Early Childhood Iowa grant account as directed by authorized LOCAL BOARD personnel. Payments shall be issued to the individual, vendor, business, or other entity identified by the LOCAL BOARD, in the amount specified, and to the address provided by the LOCAL BOARD. Payments shall be issued as directed, within 10 work days from the date the Fiscal Agent receives written notification from authorized LOCAL BOARD personnel. C. Be responsible for any costs charged by the financial institution for maintaining the Early Childhood Iowa grant accounts or accounts containing EARLY CHILDHOOD IOWA X. Xx D. Be responsible for completing and submitting any 1099 reports as required by federal or state law or regulation. E. Maintain separate accounting records for School Ready Children Services and Early Childhood Program funds that at a minimum include the following: 1. For each School Ready Children Services grant payment and for each Early Childhood Program grant payment made as directed by the LOCAL BOARD: a. The date written notification/authorization was received from the Local Board. b. The name of the authorized LOCAL BOARD staff authorizing the payment. c. The name and mailing address of the payee. d. The amount of the payment. e. The check number or other unique identification of the payment. f. The date the payment was mailed or hand-delivered to the payee. g. The date the payment is cleared or paid out of the EARLY CHILDHOOD IOWA grant account or accounts containing EARLY CHILDHOOD IOWA grant funds. h. The date of any stop payment requested by the Fiscal Agent and the reason. 2. Running balances for each fund which include: a. The cumulative amount of payments authorized by the LOCAL BOARD. b. The cumulative amount of payments issued. c. Available Early Childhood Iowa grant funds that are not encumbered or otherwise allocated for payments made but not yet cashed. F. Provide for, account for and deposit the amount of any monthly bank costs for maintaining the Early Childhood Iowa fund account or proportion of such costs attributable to that portion of an account constituting Early Childhood Iowa grant funds, and the amount of any monthly interest earned for the Early Childhood Iowa fund account or proportion of such earnings attributable to that portion of an account constituting Early Childhood Iowa grant funds into the appropriate ECI fund account. G. Submit monthly expenditure reports within 10 work days from the end of the prior month to the LOCAL BOARD. Reports shall be submitted in a format agreed to by the LOCAL BOARD and the Fiscal Agent, and shall include as much of the information as the Fiscal Agent is required to maintain as described in this section as the LOCAL BOARD may request, and as is necessary to reconcile the records of the LOCAL BOARD with the records of the Fiscal Agent. H. Submit a report within 25 workdays from the end of the agreement period, or such earlier date as the agreement may be terminated, to the LOCAL BOARD. The report shall be submitted in a format agreed to by the LOCAL BOARD and the Fiscal Agent, and shall include as much of the information as the Fiscal Agent is required to maintain as described in this section and as the LOCAL BOARD may request, and as is necessary to reconcile the records of the LOCAL BOARD with the records of the Fiscal Agent. I. Iowa Administrative Code Chapter 541.9 requires an audit, conducted by an independent agency, of the early childhood Iowa funds managed by area boards. “Audit” means a financial review by area boards of early childhood Iowa funds. Area boards that receive over $500,000 in federal funds from all funding sources shall complete a full audit of the funds. Area boards that do not receive over $500,000 in federal funds from all funding sources, may complete a full audit or coordinate with the fiscal agent’s financial review to conduct the state board approved agreed-upon procedures. Requirements are found in the ECI on-line toolkit, Tool UU.

Responsibilities of Fiscal Agent. The Fiscal Agent shall provide the following services for each of the two separate funds for which it is acting as fiscal agent: A. : Deposit EARLY CHILDHOOD IOWA funds into accounts in accordance with Iowa Code Chapter 12C and the Cash Management Improvement Act, 31 U.S.C. §6501 et seq. B. . Issue payments from the Early Childhood Iowa grant account as directed by authorized LOCAL BOARD personnel. Payments shall be issued to the individual, vendor, business, or other entity identified by the LOCAL BOARD, in the amount specified, and to the address provided by the LOCAL BOARD. Payments shall be issued as directed, within 10 ____ work days from the date the Fiscal Agent receives written notification from authorized LOCAL BOARD personnel. C. . Be responsible for any costs charged by the financial institution for maintaining the Early Childhood Iowa grant accounts or accounts containing EARLY CHILDHOOD IOWA X. Xx IOWA grant funds. The Fiscal Agent shall ensure that any such costs are reduced or offset to the extent possible through earnings credits offered by the financial institution. Be responsible for completing and submitting any 1099 reports as required by federal or state law or regulation. E. . Maintain separate accounting records for School Ready Children Services and Early Childhood Program funds that at a minimum include the following: 1. : For each School Ready Children Services grant payment and for each Early Childhood Program grant payment made as directed by the LOCAL BOARD: a. : The date written notification/authorization was received from the Local Board. b. . The name of the authorized LOCAL BOARD staff authorizing the payment. c. . The name and mailing address of the payee. d. . The amount of the payment. e. . The check number or other unique identification of the payment. f. . The date the payment was mailed or hand-delivered to the payee. g. . The date the payment is cleared or paid out of the EARLY CHILDHOOD IOWA grant account or accounts account containing EARLY CHILDHOOD IOWA grant funds. h. . The date of any stop payment requested by the Fiscal Agent and the reason. 2. Running balances for each fund which include: a. : The cumulative amount of payments authorized by the LOCAL BOARD. b. . The cumulative amount of payments issued. c. . Available Early Childhood Iowa grant funds that are not encumbered or otherwise allocated for payments made but not yet cashed. F. . Provide for, account for and deposit the amount of any monthly bank costs for maintaining the Early Childhood Iowa fund account or proportion of such costs attributable to that portion of an account constituting Early Childhood Iowa grant funds, and the amount of any monthly interest earned for the Early Childhood Iowa fund account or proportion of such earnings attributable to that portion of an account constituting Early Childhood Iowa grant funds into the appropriate ECI fund account. G. . Submit monthly expenditure reports within 10 _______ work days from the end of the prior month to the LOCAL BOARD. Reports shall be submitted in a format agreed to by the LOCAL BOARD and the Fiscal Agent, and shall include as much of the information as the Fiscal Agent is required to maintain as described in this section as the LOCAL BOARD may request, and as is necessary to reconcile the records of the LOCAL BOARD with the records of the Fiscal Agent. H. . Submit a report within 25 ____ workdays from the end of the agreement period, or such earlier date as the agreement may be terminated, to the LOCAL BOARD. The report shall be submitted in a format agreed to by the LOCAL BOARD and the Fiscal Agent, and shall include as much of the information as the Fiscal Agent is required to maintain as described in this section and as the LOCAL BOARD may request, and as is necessary to reconcile the records of the LOCAL BOARD with the records of the Fiscal Agent. I. Iowa Administrative Code Chapter 541.9 requires an audit, conducted by an independent agency, of the early childhood Iowa funds managed by area boards. “Audit” means a financial review by area boards of early childhood Iowa funds. Area boards that receive over $500,000 in federal funds from all funding sources shall complete a full audit of the funds. Area boards that do not receive over $500,000 in federal funds from all funding sources, may complete a full audit or coordinate with the fiscal agent’s financial review to conduct the state board approved agreed-upon procedures. Requirements are found in the ECI on-line toolkit, Tool UU.