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? are to be disbursed, approval will be required by the Grants and Agreements Officer=s Technical <br />representative. Disbursements shall be made by check or electronic funds transfer upon receipt by <br />the Foundation of a Request for Disbursement of Contributions (Attachment I). <br />i. The Foundation shall maintain a record keeping system acceptable to the parties to this <br />agreement to track and reconcile disbursements. The Foundation will establish a Afund,@ which <br />will be a separate bank account. The fund will be broken into Aaccounts@ maintained as required <br />by this agreement. Interest earned will be at the same rate for all monies in the fund. Interest <br />income will be prorated to the Parties= accounts as income, based on balances when interest is <br />credited. <br />j. The Foundation shall provide the monthly reports listed below no later than the 10'h of each <br />succeeding month to the Governance Committee and Executive Director in a format acceptable to <br />the Governance Committee and Executive Director. <br />1. A report of cash contributions provided by each party to the July 1997 Agreement since <br />the last such report. <br />2. A report of in-kind services contributions by each party to the July 1997 Agreement <br />since the last such report. The eligibility and value of in-kind services as offsets to cash <br />contributions as required by the milestones to the July 1997 Agreement shall be <br />preauthorized by the Governance Committee prior to their inclusion in such report. <br />Detailed statements of these in-kind services will be provided by the contributing party. <br />3. A report of the current total outstanding obligations of each party to the July 1997 <br />Agreement. <br />4. A report of cash contributions and/or donations provided by other than the parties to <br />the July 1997 Agreement since the last such report. <br />5. A report indicating each request for disbursement received since the last such report <br />and each disbursement made since the last such report, including the amount and the <br />entity receiving the disbursement and the amount withdrawn from each contribution <br />account for that disbursement. <br />6. A report of the total amount disbursed by the Foundation from eacli contribution <br />account since this agreement was executed. <br />7. A report of the financial status of any activity being performed by the Foundation <br />under Work Order including the amount of the contract, amount of any modifications, <br />start and completion dates, amount of time elapsed, and amount of funds expended. <br />B.3. OTHER RESPONSIBII,ITIES <br />a. The Foundation shall provide accounting, bookkeeping, and auditing services; provide supplies <br />and services necessary for its office operations; and provide other administrative services necessary <br />to properly administer contributions and contracts in accordance with this agreement. <br />b. The Foundation shall maintain liability insurance acceptable to the parties to this agreement <br />covering the work being performed by the Foundation under this agreement. The costs and fees <br />associated with this coverage shall be provided in sufficient detail to comply with OMB Circular <br />Page 5 of 32