Financial Management Framework for Pooled Funding Sample Clauses

Financial Management Framework for Pooled Funding. 2.1 The framework for the management of any locally pooled funds will be cemented in financial agreement documents between KCC, as the Accountable Body, and lead delivery bodies receiving funding. These agreements will reflect terms and conditions in the Government’s grant determinations, and local arrangements for performance management and decision making in respect of KA2. Clarity in accountability and responsibility will be incorporated into the funding agreements that will include:
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Financial Management Framework for Pooled Funding. The framework for the management of pooled funds will be cemented in financial agreement documents between the Accountable Body, and lead delivery bodies receiving funding. These agreements will reflect terms and conditions in the Government’s grant determinations, and local arrangements for performance management and decision making in respect of the Cumbria Agreement. Clarity in accountability and responsibility will be incorporated into the the funding agreements that will include: • The amount allocated to the recipient and purpose for which it is allocated. • Definitions of eligible expenditure as defined in the grant determination, including the nature of any spend that is not eligible. • Restrictions where applicable on how much of the funding is specifically for capital spend or revenue spend. • Arrangements for payment of funds to partners including dates, payment methods, and profiling of payments. • The governance arrangements applicable to funds pooled in the LAA, including arrangements to agree the allocation and any redistribution of funds, and any to changes in spending plans. • Procedure for the resolution of disputes. • Asset management arrangements, including requirements to record details of any assets purchased and limitations and conditions in the event of disposal of those assets. • Financial Reporting, including the timing and accounting basis for reporting eligible expenditure. • Performance Reporting, including timing and content of performance management information. • Limits on amounts that can be carried forward to subsequent years. • Audit arrangements, including access to information for internal and external audit purposes, and provision of assurance to support the audit opinion to accompany the year-end statement of grant usage. • Circumstances that could give rise to withholding, termination or recovery of payments. • Arrangements for recovery of funds.
Sample 1

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