The administrative credit services agreement is made between a parent organization and a supporting organization. According to this agreement, the parent organization will create and maintain one or more bank accounts, which may also include the funds of the parent organization. The request for payments or the withdrawal of funds should be made by an authorized representative of the supporting organization.
This agreement also includes functions such as maintenance of complete and accurate financial records, prepared in accordance with the acceptable accounting principles. The financial records should show the detailed information about the assets, income and the expenditures of the supporting organizations. The parent organization should also prepare monthly and yearly balance sheet for delivery to the supporting organization. The agreement should be governed by the rules and regulations of the state legislature. Any type of modifications in the administrative credit services contract should be entertained in clear written form and must be duly signed by both the parties.
[Also Read: Administrative Services Agreement]
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