Common use of Financial Procedures Clause in Contracts

Financial Procedures. 4.1 The Organisation agrees to maintain proper governance and accounting arrangements and systems and practices to assist it with the proper management and administration of its finances. This must include: (a) Maintaining a bank account in the name of the Organisation (with appropriate bank mandates) to receive the Grant; (b) Income and expenditure reports for the Organisation’s work (including regular checks or reconciliation by the Organisation against its annual budget); (c) Regular reporting to the Organisation’s governing body (including the provision of up to date financial and budgetary information on the Organisation); (d) Arrangements for paying taxes and pensions as appropriate; (e) Wherever possible making payments by cheque or electronic transfer; (f) Arrangements for the secure handling and accurate recording of ▇▇▇▇▇ cash; and (g) Adopting appropriate financial procedures relating to cash receipts and income collection. 4.2 The Organisation must provide evidence of expenditure in respect of the Grant upon the request of the Executive. The Organisation must retain these records for the period of time required by relevant legislative requirements or for a minimum period of three years. At the request of the Executive the Organisation will provide the Executive with reasonable access to accounts, data, and records of all transactions arising out or related to the purpose of the Grant. 4.3 The nature of the Organisation’s accounts may vary according to the size and nature of the Organisation and the requirements of its governing documents and the Organisation will ensure that its accounts are examined or audited in accordance with relevant legal, regulatory and accountancy requirements and practices, as appropriate. The Organisation will ensure that the Grant (and expenditure related thereto) is separately identified in its accounts. 4.4 Organisations with a yearly total income or total expenditure equal to or less than €150,000: 4.5 Organisations with a yearly total income or total expenditure in excess of €150,000: 4.6 Any changes to the Organisation’s bank account details must be notified to the Executive immediately. 4.7 The Executive may require the Organisation to seek its advance written approval to sell or dispose of any asset or equipment where the Grant has been used to purchase or improve the asset or equipment. The Executive may attach a condition to any such sale or disposal that the Organisation must repay all or part of the Grant used to purchase or improve the asset or equipment. The condition may be included (in section 10) as a special condition of the Grant. 4.8 The Organisation will immediately notify the Executive and will ensure that all necessary notifications and actions are undertaken in the event that fraud or misappropriation is suspected or if the Organisation becomes aware of circumstances suggesting fraud or misappropriation within or, in respect of, the Organisation or its activities or arising out of the Grant. The Organisation shall cooperate with any directions of the Executive in this regard.

Financial Procedures. 4.1 The Organisation agrees to maintain proper governance and accounting arrangements and systems and practices to assist it with the proper management and administration of its finances. This must include: (a) Maintaining a bank account in the name of the Organisation (with appropriate bank mandates) to receive the Grant; (b) Income and expenditure reports for the Organisation’s Organisation‟s work (including regular checks or reconciliation by the Organisation against its annual budget); (c) Regular reporting to the Organisation’s Organisation‟s governing body (including the provision of up to date financial and budgetary information on the Organisation); (d) Arrangements for paying taxes and pensions as appropriate; (e) Wherever possible making payments by cheque or electronic transfer; (f) Arrangements for the secure handling and accurate recording of ▇▇▇▇▇ cash; and (g) Adopting appropriate financial procedures relating to cash receipts and income collection. 4.2 The Organisation must provide evidence of expenditure in respect of the Grant upon the request of the Executive. The Organisation must retain these records for the period of time required by relevant legislative requirements or for a minimum period of three years. At the request of the Executive the Organisation will provide the Executive with reasonable access to accounts, data, and records of all transactions arising out or related to the purpose of the Grant. 4.3 The nature of the Organisation’s Organisation‟s accounts may vary according to the size and nature of the Organisation and the requirements of its governing documents and the Organisation will ensure that its accounts are examined or audited in accordance with relevant legal, regulatory and accountancy requirements and practices, as appropriate. The Organisation will ensure that the Grant (and expenditure related thereto) is separately identified in its accounts. 4.4 Organisations with a yearly total income or total expenditure equal to or less than €150,000: 4.5 Organisations with a yearly total income or total expenditure in excess of €150,000: 4.6 Any changes to the Organisation’s Organisation‟s bank account details must be notified to the Executive immediately. 4.7 The Executive may require the Organisation to seek its advance written approval to sell or dispose of any asset or equipment where the Grant has been used to purchase or improve the asset or equipment. The Executive may attach a condition to any such sale or disposal that the Organisation must repay all or part of the Grant used to purchase or improve the asset or equipment. The condition may be included (in section 10) as a special condition of the Grant. 4.8 The Organisation will immediately notify the Executive and will ensure that all necessary notifications and actions are undertaken in the event that fraud or misappropriation is suspected or if the Organisation becomes aware of circumstances suggesting fraud or misappropriation within or, in respect of, the Organisation or its activities or arising out of the Grant. The Organisation shall cooperate with any directions of the Executive in this regard.