The City of Mankato shall serve as the fiscal agent for the organization and shall have custody of the organization’s funds and securities and shall keep full and accurate accounts of receipts and disbursements. The organization’s books and accounts shall be maintained in accordance with standard accounting procedures. All money and other valuable effects of the organization shall be deposited by the agent to the credit of the organization. The agent shall disburse the funds of the organization taking vouchers for such disbursements, and shall render to the General Assembly at the regular meeting or whenever requested an account of the organization’s fiscal condition.
The Agent shall maintain a cash receipts and disbursements register to record operating receipts and expenditures and shall each month prepare and submit to the Council via the Executive Director, a statement summarizing operating receipts and expenditures by account classification. All excess revenue paid to the Council shall be the sole property of the Council, but shall be retained and invested by the Agent and shall be available for use by the Council.
For all expenditures of funds made pursuant to this contract, the Agent shall keep financial records, including properly executed payrolls, time records, invoices, contracts, receipts, vouchers, and other documents sufficient to evidence in proper detail the nature and propriety of the expenditure.
For contracts with individual consultants, invoices for payment must state that the work performed and invoices are in accordance with the terms of the consultant contract. Furthermore, these invoices must also state the calendar dates and number of hours of each day for which the consultant is requesting compensation.
The Agent, via the Executive Director, is authorized to procure and enter into contracts for supplies, materials, and contractor services, if such is made pursuant to the Council’s approved budget.
The Executive Director, in conjunction with the Agent shall prepare invoices for annual assessment payments and upon receipt of the same, the Agent shall deposit such payments and other income in accounts of the Council as often as normal business practices dictate. The Agent will maintain bank accounts in a depository which is a member of the Federal Deposit Insurance Corporation (FDIC) for the purpose of the normal transactions necessary to carry out the contractor’s responsibilities. All accounts shall be interest bearing checking accounts.