Finance Operations Clause Samples

The Finance Operations clause outlines the procedures and responsibilities related to the financial transactions and management between the parties involved in an agreement. It typically covers aspects such as invoicing, payment methods, timelines for payments, and the handling of financial records or audits. By clearly defining how financial matters are to be conducted, this clause ensures transparency, reduces the risk of disputes over payments, and facilitates smooth financial interactions throughout the duration of the contract.
Finance Operations a. The University of Arkansas Fayetteville department of Finance and Administration provides certain financial services to the University of Arkansas Division of Agriculture. These services include, but are not limited to, the following: 1. Annual Financial Statement Preparation 2. State ASIS system administration 3. UADA Graduate Assistant (GA) administration including but not limited to: a. UADA GA position processing including hirings, terminations, and transfer verifications. b. UADA GA waiver processing and reconciliation c. UADA GA health insurance processing, reconciliation, and payment 4. UADA employee payroll deduction processing and reconciliation for balances owed to UAF 5. UADA employee tuition waiver processing and reconciliation 6. UADA funded scholarship processing and reconciliation 7. Federal Fringe Benefit Rate submission b. UAF and UADA jointly agree that each party will provide the other with assistance in relation to accounting, budgeting, and other financial circumstances with respect to administering jointly funded cross-company employees in the Workday ERP system. In the spirit and interest of cooperation, both UAF and UADA agree that the value derived by both entities from this cooperation is of offsetting monetary value and agree that no charges shall be levied by either party upon the other for this assistance. c. In the spirit and interest of cooperation, the parties agree to notify one another and communicate plans regarding raise pools and other budgetary matters, coordinating efforts when possible. This communication shall take place throughout each party's annual budget cycle, but it is expected that these communications will generally take place during the third quarter (January through March) of each fiscal year during the term of this agreement. d. Each party maintains sole responsibility for establishing and maintaining their own control environment with respect to all aspects of financial operations including internal controls over financial reporting. e. Each party currently completes its own annual, bi-annual, and other regularly required financial and operating reports for their respective institutions. This will remain the expectation for both parties during the term of this agreement. These reports and statements include, but are not limited to, the following: 1. Annual ADHE reporting requirements 2. Various Legislative Appropriation requests 3. Various Grant and Sponsored Program reporting 4. SEFA Reporting
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Finance Operations. ▇▇▇ ▇▇▇▇▇ serves as Director of the Department of Finance. The Department of Finance consists of six (6) divisions and 56 employees. These divisions and the functions they serve are as follows: • General Administration • Payroll • Financial Systems • Procurement • Central Stores • Print, Copy, and Mail Center • Accounting • Accounts Payable • Debt & Investments • Cash Management • Budget Development • Budget Monitoring • Accounts Receivable • Revenue Monitoring • Utility Billing for water, sewer and refuse collection. • Business License • Cashiering The City maintains its accounting records in Oracle Fusion, cloud-based software. Oracle Fusion is a fully integrated enterprise resource planning system. The system has Procurement, Store Inventory, Accounts Payable, Accounts Receivable, Project Management, Fixed Assets, Cash Management, Payroll and General Ledger modules. The City implemented Oracle ERP Financials in February 2021, excluding payroll. Human Resources/Payroll module with full integrated functionality referred as Human Capital Management (HCM) is currently in the system configuration and testing phase and anticipated to go live in 2023. Until the HCM implementation is complete, the City processes payroll through ePersonality 5.05, a stand-alone software application produced by Highline. The payroll output is interfaced with the general ledger. The City has a contract agreement with ▇▇▇▇▇▇▇▇ Asset Management to manage the City’s investment portfolio for the past three fiscal years. Utility billing for water, sewer and refuse collection is handled by ▇▇▇▇▇▇▇▇ HTE Public Sector Software. The City’s accounting and financial reporting functions are centralized. Physical and electronic accounting records are on-site in the Department of Finance. Some supporting information may be located in other departments or in storage files maintained off-site. The City has been audited by the firm of ▇▇▇▇▇▇ ▇▇▇▇ & ▇’▇▇▇▇▇▇▇ LLP (MGO) for the last nine fiscal years, ending June 30, 2022.
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Finance Operations. SSC Finance Operations provides customers with Accounts Payable and Travel & Expense services.
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Finance Operations. The VCTC has a staff of 21 employees. All accounting functions are performed in-house by the Finance Director, Senior Accountant and Accounting Technician with the exception of the Local Transportation Fund (LTF), the State Transit Assistance fund (STA), the State of Good Repair (SGR) fund and Service Authority for Freeway Emergencies (SAFE) whose functions are shared between VCTC and the Ventura County Auditor-Controller’s office. The VCTC maintains a General Fund, five special revenue funds (Local Transportation Fund, State Transit Assistance Fund, State of Good Repair Fund, Service Authority for Freeway Emergencies Fund, Santa ▇▇▇▇▇ ▇▇▇▇▇▇ Line Fund) and two proprietary funds (VCTC Intercity and Valley Express). The VCTC adopts an annual budget as required by law and utilizes it as a management tool to analyze financial activity for its fiscal year ending June 30th. A copy of the Fiscal Year 2019/2020 budget can be obtained at VCTC’s website ▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇ on the financial page. VCTC’s computerized systems are run on a Local Area Network (LAN). The accounting functions are computerized and currently VCTC is using Sage 50 on a Windows platform. VCTC’s previous auditors were on-site for 3-5 days twice each year (interim and final audit period). The full contract of five years was utilized with the previous auditors. The previous years’ fees for audits were as follows: $42,000 (as two singe audits were required) for 2014/2015, $40,405 for 2015/2016, $41,310 for 2016/2017, $42,215 for 2017/2018 and $43,120 for 2018/2019. One single audit was included in the above amounts unless otherwise stated. Total hours reported to VCTC for the audits were 279 hours for 2014/2015, 175 hours for 2015/2016, 159 hours for 2016/2017, and 475 hours for 2017/2018. Total hours for 2018/2019 are incomplete but at 366 hours through October billing. Additional hours may have been expended by the Pun Group and not reported to VCTC as the not-to-exceed amounts were met. During this contract period, VCTC added special revenue and proprietary funds and GASB statements were implemented at no additional charge from the auditors. Major anticipated changes in the upcoming years to be audited include moving to new office space and implementation of GASB statements as required. No additions of special revenue or proprietary funds are anticipated at this time. VCTC may add additional staff as needed in the next five year period. The Pun Group conducted the Ventura County Transportation C...
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Finance Operations. SSC Finance Operations provides customers with Accounts Payable and Travel & Expense services. Finance Operations Key Performance Indicators Service Unit of Measure Enterprise Measure SSC Measure Customer Measure Accounts Payable Number of Completed Vouchers or ATV Distribution Lines Percent of Images Resolved within 30 Days of SSC Receipt Date Percent of Images Resolved within 15 Days of SSC Queue Time Percent of Images Resolved within 10 Days of College Queue Time 75% of Images Resolved at First Pass (FPY) Travel & Expense Number of Approved Expense Reports Percent of ERs Approved within 30 Working Days of Date Submitted Percent of ERs approved or returned within five (5) Working Days of SSC Queue Time Percent of ERs Approved or Returned within five (5) Working Days of College Queue Time 75% of ERs Approved by SSC at First Pass
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Related to Finance Operations

  • Safe Operations Notwithstanding any other provision of this Agreement, an NTO may take, or cause to be taken, such action with respect to the operation of its facilities as it deems necessary to maintain Safe Operations. To ensure Safe Operations, the local operating rules of the ITO(s) shall govern the connection and disconnection of generation with NTO transmission facilities. Safe Operations include the application and enforcement of rules, procedures and protocols that are intended to ensure the safety of personnel operating or performing work or tests on transmission facilities.

  • Operations Fire An “Operations Fire” is a fire caused by Purchaser’s Operations other than a Neg- ligent Fire.

  • Maintenance and Operation Member-Generator agrees to maintain their system and facilities in accordance with applicable manufacturer's recommended maintenance schedule and standard prudent engineering practices. Member-Generator covenants and agrees to operate their system, facilities and equipment so as to minimize the likelihood for a malfunction or other disturbance, damaging or otherwise affecting or impairing Cooperative’s electrical system. Member-Generator shall comply with all applicable laws, regulations, zoning, building codes, safety rules and other environmental regulations or restrictions applicable to the design, installation, operation and maintenance of the Member-Generator's System.

  • Operations Manager Secondary Contact Email Secondary Contact Phone Secondary Contact Fax Secondary Contact Mobile 1 Administration Fee Contact Name Administration Fee Contact Email 1 Administration Fee Contact Phone 2 0

  • Communications and Operations Management a. Network Penetration Testing - DST shall, on approximately an annual basis, contract with an independent third party to conduct a network penetration test on its network having access to or holding or containing Fund Data. DST shall have a process to review and evaluate high risk findings resulting from this testing.