Head Agreement for Multi-Project Funding
12. Records and Reports
12.1 Records that the Participant must keepThe Participant must keep the following records in writing:
- proper accounts and records of the Participant’s receipt, banking and use of the Funds for each Project, in a financial ledger for each Project that is separate to the Participant’s other accounts and records;
- records of the Participant’s conduct of each Project including:
- performance of the Project against:
- the Agreed Action Plan and the Agreed Budget for the Project; and
- the Guidelines and Standards;
- achievement of the objectives and outcomes of the Program to which that Project relates; and
- the creation of Project Material;
- financial records for each Project in a form and containing the content that enables:
- the Participant to clearly identify in its accounts all of its income and expenditure relating to the Project;
- the Participant to prepare the Financial Report and Other Financial Information; and
- the audit of those records in accordance with Auditing Standards; and
- a register recording, in relation to each Asset that the Participant has used Funds to purchase, lease or otherwise acquire:
- the date of purchase, lease or other acquisition;
- the purchase, lease or acquisition price;
- a description of the Asset including the serial number and the location of the Asset;
- the amount of the Funds used to purchase, lease or otherwise acquire the Asset;
- the carrying amount of the Asset;
- the proceeds of any sale or disposal of the Asset;
- the Depreciation of the Asset; and
- the amount of Funds Committed to the Depreciation of the Asset.
12.2 Reports that the Participant must give to the CommonwealthThe Participant must provide to the Commonwealth’s Liaison Officer (and any other person specified in writing by the Commownealth) all Reports specified in:
- Item A of Attachment A (Reports); and
- Item G of the Project Items for each Project,
12.3 Other requirements relating to records and Reports
- If the Commonwealth specifies a format for a Report, the Participant must provide that Report in that format.
- In preparing its financial records, Financial Reports and Other Financial Information, the Participant must Depreciate all Assets and all Previously Acquired Assets .
- The Participant must retain the records and Reports referred to in clauses 12.1 and 12.2 for a period of 7 years after the Term or for any longer period required by Law.
- The Commonwealth may request that the Participant resubmits a Report if the form or content of the Report is not satisfactory to the Commonwealth, and the Participant must comply with that request within 30 Business Days of the request.
- The Participant may incorporate any of the Reports described in Item A.1 of Attachment A (Reports) into documents that the Participant prepares for the purpose of complying with any financial reporting requirements of the Law under which the Participant was established.
12.4 Notifications that the Participant must giveThe Participant must, within 10 Business Days of the Date of this Agreement, notify the Commonwealth in writing of:
- those positions of Personnel who have the authority to:
- sign notices and written communications on the Participant’s behalf; or
- accept any notices and written communications from the Commonwealth under this Agreement;
- the names of Board members who hold office, the Chief Executive Officer, and the Chief Financial Officer;
- the names and contact details of the Public Officer or Company Secretary;
- the Participant seeking, or proposing to seek, expert advice for the purpose of addressing issues or problems, or avoiding future issues or problems, in significant areas of governance, management or financial accountability,
- any of the things referred to in paragraphs (a) to (c) of this clause; or
- the Participant’s constitution,
and the Participant must notify the Commonwealth of a change to: