Common use of Financial Management Services Clause in Contracts

Financial Management Services. The state shall provide financial management services (FMS) that: provide payroll services for program participants and/or designated representatives; are responsible for all taxes, fees, and insurances required for the program participant to act as an employer of record; manage all non-labor related payments for goods and services authorized in the participant’s approved spending plan; assure that all payments made under the demonstration comply with the participant’s approved spending plan; and conduct criminal background and abuse registry screens of all participant employees at the State’s expense. FMS entities shall meet IRS requirements of being a fiscal/employer agent and state established certification standards to provide supports to participants. FMS shall be reimbursed as an administrative activity at the 50 percent administrative rate.

Financial Management Services. The state State shall provide financial management services (FMS) that: provide payroll services for program participants and/or designated representatives; are responsible for all taxes, fees, and insurances required for the program participant to act as an employer of record; manage all non-labor related payments for goods and services authorized in the participant’s approved spending plan; assure that all payments made under the demonstration comply with the participant’s approved spending plan; and conduct criminal background and abuse registry screens of all participant employees at the State’s expense. FMS entities shall meet IRS requirements of being a fiscal/employer agent and state State established certification standards to provide supports to participants. FMS shall be reimbursed as an administrative activity at the 50 percent administrative rate.