Accounting Requirements Clause Samples
The Accounting Requirements clause sets out the obligations of parties to maintain accurate and complete financial records related to the agreement. Typically, it specifies the standards or methods to be used for bookkeeping, such as adherence to generally accepted accounting principles, and may require regular reporting or audits. This clause ensures transparency and accountability in financial matters, helping to prevent disputes and facilitate compliance with regulatory or contractual obligations.
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Accounting Requirements. A. The Grantee’s accounting system shall allow for accounting for individual grants, permit timely preparation of expenditure reports required by DHS as contained in Section 6 of this Agreement, and support expenditure reports submitted to DHS.
B. The Grantee shall reconcile costs reported to DHS for reimbursement or as match to expenses recorded in the Grantee’s accounting or simplified bookkeeping system on an ongoing and periodic basis. The Grantee agrees to complete and document reconciliation at least quarterly and to provide a copy to DHS upon request. The Grantee shall retain the reconciliation documentation according to approved records retention requirements.
C. Expenditures of funds from this Agreement must meet the Department’s allowable cost definitions as defined in the Department’s Allowable Cost Policy Manual (▇▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇/business/allow-cost- manual.htm).
Accounting Requirements. The Grantee must maintain an accounting system that provides a complete record of the use of all grant and matching funds as follows:
a) The accounting system must be able to specifically identify and provide audit trails that trace the receipt, maintenance and expenditure of grant and matching funds.
b) Accounting records must adequately identify the sources and application of funds for all grant activities and must classify and identify grant and matching funds by using the same budget categories that were approved in the grant application. If ▇▇▇▇▇▇▇’s accounting system accumulates data in a different format than the one in the grant application, subsidiary records must document and reconcile the amounts shown in the Grantee’s accounting records to those amounts reported to the Division.
c) An interest-bearing checking account or accounts in a state or federally chartered institution may be used for revenues and expenses described in the Scope of Work and detailed in the Estimated Project Budget.
d) The name of the account(s) must include the grant award number.
e) The Grantee's accounting records must have effective control over and accountability for all funds, property and other assets.
f) Accounting records must be supported by source documentation and be in sufficient detail to allow for a proper pre-audit and post-audit (such as invoices, bills and canceled checks).
Accounting Requirements. CONTRACTOR shall comply with all applicable COUNTY, State, and Federal accounting laws, rules and regulations. CONTRACTOR shall establish and maintain accounting systems and financial records that accurately account for and reflect all Federal funds received, including all matching funds from the State, COUNTY and any other local or private organizations. CONTRACTOR’S records shall reflect the expenditure and accounting of said funds in accordance with all applicable State laws and procedures for expending and accounting for all funds and receivables, as well as meet the financial management standards in 45 CFR Part 92 and in the Office of Management and Budget 2 CFR Part 200 “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.”
Accounting Requirements. The Grantee must maintain an accounting system that provides a complete record of the use of all grant funds as follows:
a) The accounting system must be able to specifically identify and provide audit trails that trace the receipt, maintenance and expenditure of state funds;
b) Accounting records must adequately identify the sources and application of funds for all grant activities and must classify and identify grant funds by using the same budget categories that were approved in the grant application. If Grantee’s accounting system accumulates data in a different format than the one in the grant application, subsidiary records must document and reconcile the amounts shown in the Grantee’s accounting records to those amounts reported to the Division;
c) An interest-bearing checking account or accounts in a state or federally chartered institution may be used for revenues and expenses described in the Scope of Work and detailed in the Estimated Project Budget;
d) The name of the account(s) must include the grant award number;
e) The Grantee's accounting records must have effective control over and accountability for all funds, property and other assets; and
f) Accounting records must be supported by source documentation and be in sufficient detail to allow for a proper pre-audit and post-audit (such as invoices, bills and canceled checks).
Accounting Requirements. The Grantee must maintain an accounting system that provides a complete record of the use of all grant funds as follows: The accounting system must be able to specifically identify and provide audit trails that trace the receipt, maintenance, and expenditure of state funds; Accounting records must adequately identify the sources and application of funds for all grant activities and must classify and identify grant funds by using the same budget categories that were approved in the grant application. If Grantee’s accounting system accumulates data in a different format than the one in the grant application, subsidiary records must document and reconcile the amounts shown in the Grantee’s accounting records to those amounts reported to the Division. An interest-bearing checking account or accounts in a state or federally chartered institution may be used for revenues and expenses described in the Scope of Work and detailed in the Estimated Project Budget. The name of the account(s) must include the grant award number; The Grantee's accounting records must have effective control over and accountability for all funds, property, and other assets; and Accounting records must be supported by source documentation and be in sufficient detail to allow for a proper pre-audit and post-audit (such as invoices, bills, and canceled checks).
Accounting Requirements. The RTC’s accounting system must be adequate to assure TRICARE is not billed for educational costs. ARTICLE 6
Accounting Requirements. No insurer subject to this section shall, for reinsurance ceded, reduce any liability or establish any asset in any financial statement filed with the commissioner if, by the terms of the reinsurance agreement, in substance or effect, any of the conditions in paragraphs (a) to (k) exist:
(a) The renewal expense allowances provided or to be provided to the ceding insurer by the reinsurer in any accounting period, are not sufficient to cover anticipated allocable renewal expenses of the ceding insurer on the portion of the business reinsured, unless a liability is established for the present value of the shortfall, using assumptions equal to the applicable statutory reserve basis on the business reinsured. Those expenses include commissions, premium taxes, and direct expenses including, but not limited to, billing, valuation, claims, and maintenance expected by the company at the time the business is reinsured.
(b) The ceding insurer can be deprived of surplus or assets at the reinsurer's option or automatically upon the occurrence of some event, such as the insolvency of the ceding insurer, except that termination of the reinsurance agreement by the reinsurer for nonpayment of reinsurance premiums or other amounts due, such as modified coinsurance reserve adjustments, interest and adjustments on funds withheld, and tax reimbursements, shall not be considered to be a deprivation of surplus or assets.
(c) The ceding insurer is required to reimburse the reinsurer for negative experience under the reinsurance agreement, except that neither offsetting experience refunds against current and prior years' losses under the agreement nor payment by the ceding insurer of an amount equal to the current and prior years' losses under the agreement upon voluntary termination of in force reinsurance by the ceding insurer is considered such a reimbursement to the reinsurer for negative experience. Voluntary termination does not include situations where termination occurs because of unreasonable provisions which allow the reinsurer to reduce its risk under the agreement. An example of such a provision is the right of the reinsurer to increase reinsurance premiums or risk and expense charges to excessive levels forcing the ceding company to prematurely terminate the reinsurance treaty.
(d) The ceding insurer must, at specific points in time scheduled in the agreement, terminate or automatically recapture all or part of the reinsurance ceded.
(e) The reinsurance agreement invo...
Accounting Requirements. Contractor shall establish and maintain an accounting system with procedures and practices in accordance with generally accepted accounting principles. The accounting system shall maintain records pertaining to the Services and all other costs and expenditures made under this Agreement, and the costs properly applicable to the Agreement shall be readily ascertainable therefrom.
Accounting Requirements. Business Associate must maintain the information required to provide an accounting of Disclosures as necessary to satisfy Covered Entity’s obligations under 45 CFR 164.528. Upon ten (10) business days written notice from Covered Entity to Business Associate, Business Associate shall make such accounting information available to Covered Entity. In the event that the request for an accounting is delivered directly to Business Associate, Business Associate shall within five (5) business days of the request forward it to Covered Entity in writing. It shall be Covered Entity’s responsibility to prepare and deliver the requested accounting to the individual.
Accounting Requirements. The Designer shall cause to be maintained complete, accurate and detailed records of all time devoted to the Project by the Designer and each Subconsultant employed by the Designer. The Owner, the Authority, and the Commonwealth’s Inspector General may at all reasonable times audit such records that directly pertain to this Contract. On a Contract where the Fee for Basic Services exceeds $100,000 the Designer shall comply with M.G.L. c.30 §39R which requires the Designer to:
17.5.1 Maintain accurate and detailed accounts for a six-year period after the final payment;
17.5.2 File with the Owner annual audited financial statements or statements from their accountants that their reviews are consistent with state laws.
17.5.3 File with the Owner a statement of management on internal accounting controls on its letterhead as prescribed in Attachment D and a statement from an independent certified public accountant (CPA) on its letterhead as prescribed in Attachment E to this Contract.