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Contract No. <br /> <br /> HFliORANDUN OF A~REEI, IENT <br /> Between the <br /> North Carolina Agricultural Extension Service/North Carolina State University <br /> and <br /> Cabarrus County <br /> <br /> The Memorandum of Agreement is to provide for the establislu~ent of a procedure <br />and a Trust Fund Account at NC State University to be of service to Cabarrus <br />County in a payroll program that places individuals ~ho ar~ jointly employed with <br />the North Carolina Agricultural K~tension Service under one payroll system. <br /> <br /> Cabarrus County, hereinafter designated the County, and the North Carolina <br /> <br /> agricultural Extension Service/North Carolina State University, hereinafter <br /> <br /> designated NCSU, shall adhere to the following provisions: <br /> <br />1. Name of Account - The account shall be kno~ as the Cabarrus County Payroll <br /> Trust Account. <br /> <br />2. Purpose of Account - The purpose of the account is to provide a mechanism <br /> whereby funds can be transferred from the County to NCSU for use in paying <br /> the salary and benefits to joint-employees of.-the Count)' and NCSU in a ~ingle <br /> monthly paycheck. <br /> <br />3. Procedure,fo~_Providin~-Funds..to,theAccount-~fl"designated:representative of' <br /> Cabarrus' County will receive a telephone call from the Extension Personnel <br /> Office approximately one week before payday advising the amount due. Ti~e <br /> count), will immediately wire funds to gachoeia Bank Account No. 9-000-345 and <br /> will send a copy of the wire transfer to Extension Per~onnel~ Box 7602, <br /> Raleigh~ NC 27695-7602. The trust account maintained for county salaries <br /> wiil be audited and reconciled by the Extension Auditing office to assure the <br /> month end account balance remains zero. <br /> <br />4. Administration of the Account - The trust account will be maintained in <br /> accordance with N~SU accounting policies and procedures. Receipts and <br /> expenditures, inc]uding salaries and fringe benefits for appropriate <br /> individuals, wi]] be handled through thc trust account. A report, generated <br /> by the ~CSU accounting system and including receipt and expenditure trans- <br /> actions and the current status of the account, wi]] be provided quarterly to <br /> the Co~nty by ~CSU. <br /> <br /> <br />