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10 <br /> t <br /> Section 3: Disbursement of Funding <br /> (a) The Member cannot request disbursement of ESFRLP funds until funds are needed for actual <br /> payment of eligible costs as defined in the ESFRLP17 Program Guidelines (PG 2.2.4). The amount <br /> of the request must be limited to the actual amount needed. Any interest earned on ESFRLP funds <br /> held by the Member must be spent prior to using any other ESFRLP funds. <br /> (b) ESFRLP funds will be disbursed to the Member through electronic payments from the Agency and <br /> in accordance with PG 3.2. <br /> (c) The Member is eligible to request Program funds from the Agency only after the Agency has received <br /> this executed Agreement and a completed Signatory Form and Certification card("Signatory card"). <br /> (d) The Member must complete all work under this Agreement and disburse all ESFRLP funds in <br /> accordance with the Program Guidelines, specifically Sections 3.3 and 3.4. <br /> Section 4: Deposit of Funds <br /> (a) The Member shall establish a master account in an FDIC-insured banking institution to hold all <br /> Program funds. All interest earned on ESFRLP funds shall be utilized in accordance with this <br /> Agreement. <br /> is <br /> (b) All Program funds must be expended for eligible costs within twelve days of receipt. Any interest <br /> earned within the twelve-day period shall be retained as Program funds. Any interest earned on <br /> Program funds not expended for eligible costs within twelve days must be returned to the Agency. <br /> (c) The Agency reserves the right to require that all deposits made in the master account be available for <br /> withdrawal by the Member and the Agency. If the Agency chooses to exercise this option, an <br /> agreement for custodial accounts will be provided by the Agency. <br /> Section 5: Establishment and Maintenance of Accounting Records <br /> (a) The Member agrees to establish an account in its own general ledger for funds received under this <br /> Agreement, and ESFRLP funds,including interest earned, shall be accounted for separately from all <br /> other monies. <br /> (b) The Member's financial management system shall provide for: <br /> (1) Accurate,current and complete disclosure of the financial results of the Program in accordance <br /> with the reporting requirements. <br /> (2) Records that identify adequately the source and application of funds for activities supported by <br /> the Program. <br /> (3) Effective control over and accountability for all funds received under this Agreement. <br /> (4) Comparison of actual outlays with budgeted amounts for the Program. <br /> (5) Accounting records that are supported by source documentation. <br /> (6) Systematic methods to assure timely and appropriate resolution of audit findings and <br /> recommendations. <br /> (c) The Member agrees that its records,as they relate to this agreement, shall be accessible to HUD and <br /> the Agency and their respective agents or representatives, including the North Carolina State <br /> Auditor's Office in accordance with N.C.G.S. §147.64.7(4). <br /> Page 5 of 16 <br />