Fiscal Integrity Clause Samples
The Fiscal Integrity clause establishes requirements to ensure that all financial transactions and records related to the agreement are accurate, transparent, and compliant with applicable laws and standards. Typically, this clause obligates parties to maintain proper accounting systems, provide access to financial records for audits, and promptly report any discrepancies or irregularities. Its core function is to promote accountability and prevent fraud or misuse of funds, thereby safeguarding the financial interests of all parties involved.
Fiscal Integrity. The Service Provider agrees that at all times during the term of the Agreement it shall employ such day-to-day fiscal and management practices that ensure the fiscal stability and viability of the Service Provider, and shall meet such criteria as the Authority may reasonably determine from time to time. Such criteria may include:
a) Positive cash flow requirements;
b) Adequate ratio of current assets to current liabilities;
c) Access to lines of credit;
d) Adequate working capital;
e) Reserve funds in amounts reasonably determined by the Authority;
f) Commitment and ability to use data to manage utilization and enhance alternative funding;
g) Appropriate size and stability of budget, as reasonably determined by the Authority;
h) Appropriate diversity in revenues and funding sources, as reasonably determined by the Authority;
i) Appropriate budget development practices, as reasonably determined by the Authority;
j) Appropriate cost accounting practices, and
k) Appropriate contract management practices as reasonably determined by the Authority.
Fiscal Integrity. The recipient will notify the USGS Contracting Officer/Grants officer of any significant problems relating to the administrative or financial aspects of the award, such as misappropriation of Federal funds.
Fiscal Integrity. In the event that the Head Administrator determines additional personnel, programs, or initiatives are warranted, no such additions shall be made without a corresponding identifiable source of funding.
Fiscal Integrity