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The Sponsored Organization is responsible for the complete administration of the Performing
Arts Center’s building and creation.
The Sponsored Organization will provide the Fiscal Agent with reports describing the progress
of the Project and the programs and services of the Project at each Fiscal Sponsor Board of
Director’s meeting, but in no event no less than quarterly, starting April 1, 2019,
On behalf of the Sponsored Organization, the Fiscal Sponsor will establish and operate for the use
of the Project a designated, separate bank account at a FDIC insured or NCUA insured financial
institution with a physical branch in New Hampshire (“Account”), The Account will be
segregated on the Fiscal Sponsor’s books. All amounts deposited into the Account will be used
in its support, less administrative charges under this Agreement, if any, and subject to the
conditions set forth herein. Interest attributable to the funds in the Account will accrue for the
benefit of the Project. The Fiscal Sponsor will provide upon request up-to-date accounting of the
Account to the Sponsored Organization.
The Fiscal Agent shall make deposits into the Account in a timely manner.
The Sponsored Organization will provide the Fiscal Agent with reports describing programs and
services of the Project at each City Arts Nashua Board of Directors Meeting.
The Sponsored Organization will provide all information and prepare all reports, including
interim and final reports, required by funding organizations with the Fiscal Agent’s assistance and
final approval.
Fiscal Agent shall have authority over the financial administration of the Account and other assets
received by it for support of the Project. Fiscal Agent will make disbursements from the Account
to support the Project, subject to the terms and conditions of the Agreement in amounts and at
times in Fiscal Agent’s discretion. All other authority and responsibility related to the Project
shall be vested in and exercised by Sponsored Organization, including the duty to comply with
the terms of this Agreement and with the terms of any agreements with funding sources,
including the preparation of grant reports, although ultimate responsibility for administration of
the restricted fund rests with Fiscal Agent. Any grant of noncash items shall be granted to
Sponsored Organization on an “as is” basis without any warranty or representation about the
condition of such items.
Fiscal Agent agrees that all grants, charitable contributions and gifts that it receives for the
Project and Sponsored Organization will be reported as contributions to Fiscal Agent as required
by law. Further, upon request of the donor, Sponsored Organization agrees to acknowledge
receipt of any such grant, charitable contribution or gift in writing and to furnish evidence of
Fiscal Agent’s Sponsor’s status as an exempt organization under Section 501(c)(3) to the donor.
Fiscal Agent agrees to immediately notify Sponsored Organization of any change in its tax-
exempt status.
Sponsored Organization will use all funds disbursed from the Account for the purposes of the
Project and Sponsored Organization will repay Fiscal Agent any portion of any grant that is not
spent or committed for those purposes. Any changes in the purpose for which Account funds are
