Program Finances Clause Samples

Program Finances. Finding a dependable, efficient and secure means of receiving fund transfers from abroad, and also moving funds within Iraq, was an ongoing challenge to the program. The collapse of the Iraqi private banking systems in 2003 required that alternative approaches be developed for transferring funds. ICAP utilized a number of different channels to get funds to where they were needed – including several banks in different localities, as well as networks of exchange offices and money movers—but always with a view to ensuring accountability and security. With the slow rebuilding of the Iraqi economic infrastructure, the use of banks became possible. But since most people and many companies did not have a bank account, nor did they wish to undertake the risks associated with patronizing banks located in crowded public places, ICAP needed to adapt itself to and operate within the cash economy that prevailed. This presented significant security concerns, as it usually meant that funds had to be moved in cash from one location to another. Fortunately, ICAP was able to negotiate arrangements with an exchange office in Kirkuk to deliver the cash to our offices, so that project staff did not have to transport it themselves. This enabled us to invite vendors to collect their payments at our secure office compound, where ICAP staff could disburse the funds safely and without compromise. The same methods and procedures were used to pay national staff salaries in cash for the duration of ICAP- I, though ACDI/VOCA is exploring other possible procedures for use in ICAP-II. Another payroll-related issue that had been pending since project commencement was discharging our legal obligations to the Iraqi Social Insurance system, without revealing to the government authorities the identities and personal details of our national staff. In March 2007, after prolonged internal discussion and with counsel from another USAID contractor in Baghdad (BearingPoint), ICAP succeeded in negotiating an arrangement with the Ministry of Labor and Social Affairs (MOLSA) in Kirkuk, whereby we could fully discharge our Social Insurance obligations for the period July 2003 through January 2007, without penalty, without permitting inspection of our premises by Ministry authorities, and most importantly, without revealing the identities or personal details of our national staff. This payment was disbursed by ICAP and duly received by the Ministry of Labor and Social affairs in Kirkuk. Future payments ...
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Related to Program Finances

  • Program Monitoring The Contractor will make all records and documents required under this Agreement as outlined here, in OEC Policies and NHECC Policies available to the SRO or its designee, the SR Fiscal Officer or their designee and the OEC. Scheduled monitoring visits will take place twice a year. The SRO and OEC reserve the right to make unannounced visits.

  • Agency Cross Transactions From time to time, the Advisor or brokers or dealers affiliated with it may find themselves in a position to buy for certain of their brokerage clients (each an "Account") securities which the Advisor's investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Advisor or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from one or both parties to the transaction without the advisory client's consent. This is because in a situation where the Advisor is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Advisor or an affiliate is receiving commissions from both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Advisor's part regarding the advisory client. The Securities and Exchange Commission has adopted a rule under the Investment Advisers Act of 1940, as amended, which permits the Advisor or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Trust authorizes the Advisor or its affiliates to participate in agency cross transactions involving an Account. The Trust may revoke its consent at any time by written notice to the Advisor.

  • PRODUCTS MANUFACTURED IN PUBLIC INSTITUTIONS Bids offering Products that are manufactured or produced in public institutions will be rejected.

  • Educational Program A. DSST PUBLIC SCHOOLS shall implement and maintain the following characteristics of its educational program in addition to those identified in the Network Contract at DSST ▇▇▇▇ MIDDLE SCHOOL (“the School” within Exhibit A-3). These characteristics are subject to modification with the District’s written approval:

  • Inventory Management The Subrecipient must submit an annual statement identifying the status of all equipment and non-real property items purchased with ESG funds by the contract termination date. The status report should inventory all equipment and non-real properties purchased with ESG funds and state the condition of the equipment and its location.