Award Funds definition
Examples of Award Funds in a sentence
Awardee will retain such records and reports for four (4) years after the Award Funds have been fully spent.
In the event that Awardee chooses to invest Award Funds, Awardee must invest the Award Funds in highly liquid investments with the primary objective of preservation of principal (e.g., interest-bearing bank accounts or a registered money market mutual fund) so that the Award Funds are available for the Project.
Subgrantee acknowledges that NTIA, NIST, Inspectors General, the Comptroller General of the United States, and the ACA, or any of their authorized representatives, shall have the right of access to any documents, papers, or other records which are pertinent to Award Funds, the Project, and this Agreement, in order to make audits, examinations, excerpts, and transcripts.
Award Funds shall be used solely for reimbursable costs incurred for implementation and operation of the Project and for no other purpose.
Together with any progress or final reports required under this Agreement, Awardee must report the amount of any currency conversion gains (or losses) and the amount of any interest, or other income generated by the Award Funds (collectively, “Income”).
If Subgrantee fails to spend or fails to document the expenditure of Award Funds on eligible Project-related expenses, which include properly approved material changes to the Project, within that timeframe, Subgrantee agrees to immediately return to the ACA any Grant Funds that it failed to spend appropriately.
At IFT’s request, Awardee will make such records and reports available to enable IFT to monitor and evaluate how the Award Funds have been used or committed.
Subgrantee agrees to keep financial records, including budgets, expenses, receipts, financial reports, supporting documents, statistical records, and all other records pertinent to Award Funds, the Project, and this Agreement and make them available to the ACA upon request and for not less than a period of five (5) years after the Closeout Date.
Awardee acknowledges that IFT has not and will not earmark the use of any Award Funds for a specific subcontractor.
Subgrantee shall perform all necessary efforts to assist the Office in verifying for the benefit of the Office and federal auditors that Award Funds have been expended in a manner consistent with this Agreement within the timeframe established in Subgrantee’s Application, beginning on the Effective Date.