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a. The Foundation will become the Governance Committee's contracting agent for the Executive <br />Director's contract, and contracts in support of Subcommittee tasks. These services include but <br />are not necessarily limited to the following tasks: <br />Sets up all new vendors for the Partnership in NCF's accounting system and ensures that <br />all necessary information is obtained for each vendor <br />Processes all disbursements, including ensuring that all paperwork is complete and the <br />required signatures are in place; allocating each payment among the signatories based on <br />percentages provided by the Governance Committee; and issuing checks <br />Issues Forms 1099 to vendors in accordance with IRS requirements <br />Handles all cash receipts (including invoicing signatories for contributions as required), <br />including monitoring bank account daily for electronic transfers in and posting cash <br />receipts to the separate account of the appropriate signatory <br />Maintains separate financial books and records for each project of the Partnership (i.e., <br />the Cooperative Agreement and the Implementation Program at present), broken out into <br />separate accounts for each signatory <br />Invests cash balances in order to generate interest income that is allocated to the accounts <br />of each signatory <br />Provides monthly and annual financial reports of the activity of the Partnership <br />Communicates with the Executive Director's office to address issues and provide any <br />information needed <br />NCF obtains an annual audit of its financial statements and an annual audit of its <br />compliance with the requirements of OMB Circular A-133 applicable to federal <br />programs, including the Partnership <br />Maintains liability insurance <br />Provides all equipment, materials and personnel necessary to perform these <br />administrative functions <br />A detailed description of such services shall be negotiated in advance by the Governance <br />Committee, the Executive Director, and the Foundation, but in general terms, the Foundation shall <br />be responsible only for the financial aspects of the Executive Director's relationship with the <br />Governance Committee; all supervisory and related responsibilities shall be retained by the <br />Governance Committee. <br />b. The Foundation and the Governance Committee may identify additional support services to be <br />performed by the Foundation for the Govemance Committee, such as fund raising. The <br />Foundation shall not enter into any contract without Governance Committee authorization or any <br />contract that commits the States or Federal Government to expenditure of funds that exceed the <br />amount authorized by the Governance Committee. All such contracts shall include language <br />which is acceptable to each party to this agreement and which conditions the contract on the <br />continuing availability of funds from the parties. <br />The Governance Committee, or the Exe.,utive Director, to the extent authorized by the Governance <br />Committee, will review and approve all proposed contracts. The States and Federal Government