Fiscal Management Clause Samples

Fiscal Management. Grantee must have accounting and internal control systems to ensure proper management of federal and state funds, maximize non-federal resources, and maintain solvency. ▇▇▇▇▇▇▇’s accounting and internal control systems must meet the following requirements: 3.3.1 The systems must be appropriate to the size of the organization; 3.3.2 The accounting system must consist of source documents, a chart of accounts, journals, ledgers, and routine financial reports; 3.3.3 The accounting system must be capable of producing expenditure reports, cost center analyses, budget formats, and automated reports as required by, and without additional support from, HHSC; 3.3.4 The accounting and internal control system must safeguard Grantee’s assets, produce accurate accounting data, promote efficient operations, and encourage adherence to prescribed accounting policies and procedures; and 3.3.5 The accounting and internal control systems must involve a division of responsibility among different employees for a sequence of related functions, clear establishment of each employee's responsibilities and duties, and use of standards such as procurement policies, proofs, checks, and other security measures.

Fiscal Management i. The Governing Board shall comply with the same financial audits, audit procedures and audit requirements of school districts. The program, financial, and compliance audits may be conducted by the chartering entity or the Legislative Auditors Office. The Governing Board shall maintain the financial records of the School pursuant of the governing authority and the State Auditor’s Office. ii. Generally accepted standards of fiscal management are those fiscal practices which result in a school’s continued ability to meet the measures, metrics, and targets found in the performance standards below, or more restrictive performance standards imposed in a trust agreement with external entities involved in facilities finance; provisions stated below will be considered binding in the absence of more restrictive covenants entered into by the school as a result of trust obligations. Generally accepted standards of fiscal management will include but are not limited to practices outlined in statutes pertaining to the management of school district budgets (U.C.A. §53A-19). Measure Metric Minimum Standard Audit findings or recommendations Number of material findings, financial condition findings, or repeated significant findings No unresolved material findings, financial condition findings, or significant findings Current ratio Current Assets ÷ Current Liabilities > 1.15 Debt ratio Total Liabilities ÷ Total Assets < 0.9 Occupancy costs Facility Costs ÷ Total Operating Revenues < 22% Maintain applicable bond covenants No Default Certification, Audited Financial Statements Yes Current assets to total annual operating expenses Current Assets ÷ (Total Annual Operating Expenses ÷ 365) > 30 - 60 days cash on hand or cash reserve as required by bond covenants, whichever is greater Adherence to Budget (Budgeted expenditure - Expenditure) / Budgeted expenditure Overall budget to actual expenditures within 10% of budget

Fiscal Management. The Counties consenting to this Agreement, along with the local WDB, will select the WIOA Grant Recipient and Administrative Entity. The WIOA Grant Recipient is responsible for the job training and related services. The Administrative Entity shall keep itemized and detailed records covering all expenditures under the budget incorporated in the jointly approved and submitted Local Plan from the Authorized Representative and the WDB. The local WDA Administrative Entity shall conform to all the fiscal requirements of all applicable laws.

Fiscal Management. 1. The Association will conduct its fiscal operations in accordance with accepted business practices. This includes the appropriate use of a funds accountability system, purchase orders, receipts, invoices, and inventory records. 2. The Association shall annually submit (within 135 days following the end of each fiscal year) a complete financial report to the Corps which includes a written summary of Association activities for the year. 3. The Corps may review the fiscal records of the Association at any time during the term of this Agreement.

Fiscal Management. The Executive Director is responsible for the care and custody of all funds of the Authority and for the prudent management of the resources of the Authority. The Executive Director oversees all bookkeeping, accounting and financial activities including but not limited to: Deposit all funds of the Authority in the name of the Authority in such bank or banks as the Board shall select; Maintenance of accurate books of account showing receipts and expenditures; Preparation of an annual budget within budget guidelines for review and approval by the Board and DHCD as well as operating statements and financial reports and submissions; Maintenance of an accurate inventory of agency property and protect all such property; Procurement and purchase activities in accordance with procedures approved by the Board and in accordance with all applicable state, federal and local laws, and;. Make notification to DHCD of any potential legal claims or lawsuits brought against the Authority for any incidents occurring on state-aided property. Personnel. Executive Director is authorized to transact all personnel actions subject to the Personnel Policy, and to report such actions as necessary to the Board. The Executive Director is responsible for: Recruitment, hiring, staffing and supervision of department heads and any personnel not under the supervision of department heads; Ensuring that performance evaluations of all staff are completed; Determining the need for travel and training of all employees, and approval or denial of staff travel and training requests, consistent with the Authority’s annual budget; Promotion, demotion and disciplinary actions; and Review and update of the Personnel Policy and all job descriptions, as needed, and; Compliance with all state and federal employment laws.

Fiscal Management. Funds appropriated or allocated for the purposes of this chapter must be used to provide care, to administer the program, to meet departmental responsibilities and to develop resources for children's care in this State as determined necessary through the individualized treatment planning process pursuant to section 15002, subsection 1. A. When care is provided for a child that costs less than the amount that had been budgeted for that care from funds within the budget of the Department of Health and Human Services, the savings in funds must be reinvested to provide care to children or to develop resources for care in the State. [PL 2021, c. 676, Pt. A, §48 (AMD).] B. The departments shall adopt fiscal information systems that record appropriations, allocations, expenditures and transfers of funds for children's care for all funding sources in a manner that separates funding for children from funding for adults. [PL 1997, c. 790, Pt. A, §1 (NEW); PL 1997, c. 790, Pt. A, §3 (AFF).] C. The departments shall shift children's program block grant funding toward the development of a community-based mental health system that includes developing additional community-based services and providing care and services for children who are not eligible for services under the Medicaid program. The departments shall maximize the use of federal funding, the Medicaid program and health coverage for children under the federal Balanced Budget Act of 1997, Public Law 105-133, 111 Stat. 251. [PL 1997, c. 790, Pt. A, §1 (NEW); PL 1997, c. 790, Pt. A, §3 (AFF).] D. The departments shall work with the Department of Administrative and Financial Services to remove barriers to allow appropriate funds, irrespective of origin or designation, to be combined to provide and to develop the care and support services needed for the program, to use General Fund money to meet needs that are not met by other funds and to leverage state funds to maximize the use of federal funding for each child, including the use of funds under the Adoption Assistance and Child Welfare Act of 1980, Title IV‑E of the Social Security Act, 42 United States Code, Sections 670 to 679a (Supplement 1997) and other federal funds for care delivered to children living at home and in all types of residential placements. [PL 1997, c. 790, Pt. A, §1 (NEW); PL 1997, c. 790, Pt. A, §3 (AFF).] [PL 2021, c. 676, Pt. A, §48 (AMD).]

Fiscal Management. The provisions for fiscal management of the Association set forth in the Declaration and Articles shall be supplemented by the following provisions:

Fiscal Management. 2.1. The Center agrees to maintain detailed records to substantiate all fiscal claims. Center financial systems shall contain the following: 2.1.1. Accurate, current, and complete disclosure of the financial results of each contract. 2.1.2. Records that identify the source and application of funds. 2.1.3. Control over and accountability for all funds, property, and other assets. 2.1.4. Comparison of actual outlays with budgeted amounts for each contract. 2.1.5. Procedures that minimize the time elapsing between the expenditure of funds and submission of claims. 2.1.6. Procedures for determining reasonableness, allowability, and allocability of costs. 2.1.7. Accounting records that are supported by source documentation. 2.1.8. System for timely and appropriate resolution of audit findings and recommendations. 2.2. The Center shall submit monthly reimbursement claims to PSESD with proper documentation for all payments. Monthly claims shall be expedited to report expenses in a timely manner with as little time as possible between the expenditure and the claim. Regular monthly reimbursement claims shall be submitted to PSESD no later than 45 days from the end of each calendar month, to include as many documented expenditures as possible for the preceding month. The final yearly claim shall be submitted to PSESD within 45 days of the last day of the Contract. No payments for claims made more than 75 days after the last day of the Contract will be made without specific permission from PSESD. If expenditure reports are not submitted in a timely manner, PSESD may institute procedures to recapture unclaimed funds and deny reimbursement for these expenditures. Additionally, see Billing Procedure in Subaward Agreement. 2.3. For Automated Clearing House (ACH) payments, deposits will be made on Friday for completed claims received no later than noon on the Wednesday prior. The Center will be notified via email when bank closures or PSESD non-workdays impact this schedule. 2.4. It shall be the responsibility of the Center to contact PSESD fiscal staff if payment has not been received within 30 days of submission of claim. Failure to contact PSESD within 75 days of the last day of the Contract for payments not received could result in non-payment. 2.5. Approximately six months into the Contract, PSESD staff will analyze Center claims for Budget to Actual. If Center has not claimed a reasonable percentage of Contract funds to ensure a quality program, PSESD staff shall re...

Fiscal Management. Contractor shall maintain a financial management system to ensure control over the use of funds received by the Contractor in accordance with generally accepted accounting principles and cost allocations and Office of Budget Management (OMB) circulars A-87, Cost Principles for State, Local and Indian Tribal Governments; A-110 Uniform Administrative Requirements for Grants and Other Agreements with Institutions of Higher Education, Hospitals and Other Non- Profit Organizations; and A-122, Cost Principles for Non-Profit Organizations, as applicable.