Funds Administration Clause Samples
Funds Administration. The Foundation, in good faith, shall:
(a) Maintain charge and custody over all Consortium funds, which shall be accounted for separately on the books and records of the Foundation;
(b) Be responsible for maintaining accurate, properly stored and up-to-date records of all Consortium transactions;
(c) Deposit and administer all funds of the Consortium; and
(d) Provide the Steering Committee with an annual financial report.
Funds Administration. As required by the City’s funds exchange agreement with INDOT under the Exchange Program, the City will make such funding available to the Joint Board for exclusive use on the Project. Toward this end, the City will establish and hold the Exchange Program funds in a segregated account maintained in the Joint Board’s name (the “Project Account”). Similarly, the City will hold in the Project Account any funds contributed by PRF as part of the 20% match required under the Exchange Program. Funds held in the Project Account will be used exclusively to cover Project costs, including any project development expenses incurred by the Parties and reimbursed to them in the manner described in Section 4(a) above. The City will hold such funds in trust for the benefit of the Joint Board and for the specific purpose of completing the Project, with accountability and regular reporting to the Joint Board. The joint management team will track and notify the City of documented Project costs. Upon receiving such a notification, the City will promptly disburse funds from the Project Account to the Party who incurred the cost. Such disbursements will be subject to ratification by the Joint Board pursuant to procedures established by it (in a manner similar to State Street Project expenses).
Funds Administration. The Area Authority shall directly receive all local, state and federal funds consistent with Chapter 122C of the North Carolina General Statutes and administer them to carry out the purpose of this Agreement.
Funds Administration. Notwithstanding anything in this Agreement, Agilent acknowledges and agrees that at all times, Agilent shall remain solely responsible for the administration of funds and actual payment of all monies due and payable to Employees, government and related agencies and all other third parties contemplated within this Agreement. Vsource shall remain solely responsible for providing all Services in accordance with the Direction Documents.