FINANCIAL PROTOCOLS Clause Samples
The "Financial Protocols" clause establishes the rules and procedures governing financial transactions and obligations between the parties. It typically outlines how payments are to be made, the timing and method of invoicing, acceptable forms of payment, and any requirements for financial reporting or audits. By clearly defining these processes, the clause helps prevent misunderstandings, ensures timely and accurate payments, and provides a framework for resolving financial disputes.
FINANCIAL PROTOCOLS. 7.4.1 The Lead Authority will be responsible for managing the NRSP Budget
7.4.2 Where expenditure has been previously agreed by the NRSP Members to be incurred by a Local Authority NRSP Member (s),in order to advance an activity agreed in accordance with the purposes of the NRSP, the NRSP Member must provide evidence of completion of the works or activity undertaken together with financial statements or invoices to the Treasurer in respect of this NRSP expenditure within a month of the end of each quarter.
7.4.3 Copies of all invoices and receipts evidencing expenditure incurred in respect of the NRSP must be forwarded to the Treasurer. The Project Manager or the Treasurer can ask for additional information to support expenditure claims.
7.4.4 The Treasurer will reimburse any Local Authority NRSP Member for expenditure claims that are supported with satisfactory information and documentation within 30 days of the claim.
7.4.5 Each Local Authority NRSP Member is responsible for maintaining records of expenditure that satisfy their own governance and internal controls and audit requirements.
7.4.6 The Treasurer will make available any information and documentation to support the NRSP’s income and expenditure to the NRSP auditor.
FINANCIAL PROTOCOLS. Financial arrangements relating to the division of fees between the parties to be agreed will apply for the academic years ……………………. The tuition fee specified in this Annexe will be reviewed and updated on an annual basis. For the purposes of financial audit, the parties to this agreement will allow access by those auditing the RAU (or those auditing the ▇▇▇’▇ processes) to all records relating to programmes of study under this agreement.
FINANCIAL PROTOCOLS. The following information clarifies the financial protocols to be followed in conduct of activities authorized by the MOU:
FINANCIAL PROTOCOLS. A. There shall be no exchange of annual sustaining dues or fees between the parties.
B. Each party shall be responsible for financial obligations incurred to the other in the course of regular business transactions.
C. In the case of joint efforts, each organization shall be responsible for
1. Any pro rata share of the expenses agreed to in advance by the parties.
2. The expenses of its representatives according to its own procedures.
D. Normally, when one organization seeks personnel from the other for any purpose, the inviting organization shall be responsible for the expenses of said personnel consistent with the inviting organization’s policies and procedures.