Should the institution have separate bank accounts for each project, and banks charge for each separate account?
If an institution is receiving funds from ASARECA for more than one project, there is no need to open a separate bank account for each project, but as said earlier it is a requirement to prepare a statement of sources and application or use of funds for each project funds received and corresponds to the overall bank reconciliation statement. 16. Clarify on advance of funds for a period of four months. ASARECA provides initial advance for 4 months and requires accountability every three months (quarterly) so that the project will have a one month buffer fund to keep the project going and assumes the next advance request and release will be made within the one month agreement.
Related Questions
- If two institutions are collaborating on one project, should they each submit a separate application, or can one institution be included as a collaborator on a single application?
- Should the institution have separate bank accounts for each project, and banks charge for each separate account?
- What is the definition of Insurance-Related Charge (of a Separate Account)?
