STATEMENTS OF EXPENDITURES AND PAYMENTS Sample Clauses

STATEMENTS OF EXPENDITURES AND PAYMENTS. A. Grantees who are not yet registered with the State Controller’s Office are required to complete a Government Agency Taxpayer ID Form before any payment can be issued. Within 45 days of the execution date of this agreement or a later date mutually agreed to by the parties, the BSCC shall disburse one-third of the total awarded funds to Grantee. Grantee shall deposit grant funds into a banking account established by Grantee. Grant funds shall not be comingled with any other funds. Any interest earned on the account may only be used for allowable expenses during the grant period. Grantee shall only use grant funds for allowable costs (see Exhibit B, “Project Costs”) and shall provide statements of expenditures and supporting documentation to the BSCC upon request and on a quarterly basis as set forth in the schedule below. When Grantee has expended 80% of the first one-third of disbursed funds, Grantee may request that the BSCC disburse the next one-third of the award. The BSCC shall remit the second one-third of the award within 45 days of grantees request provided the grantee has satisfied the terms and conditions of this grant agreement, Grantee has submitted the required documentation of expenditures, and the BSCC has approved the expenditures. When Grantee has expended 80% of the second one-third of disbursed funds, Grantee may request that the BSCC disburse the next one-third of the award. The BSCC shall remit the final one-third of the award within 45 days of Grantee’s request provided that Grantee has satisfied the terms and conditions of this grant agreement, Grantee has submitted the required documentation of expenditures, and the BSCC has approved the expenditures.
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