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14- 116 <br />MEMORANDUM OF AGREEMENT <br />Between the <br />North Carolina Cooperative Extension Service/North Carolina State University <br />and <br />Lee County <br />The Memorandum of Agreement is to provide for the establishment of a <br />procedure and a Trust Fund Account at N. C. State University to be of service <br />to Lee County in a payroll program that places individuals who <br />are jointly employed with the North Carolina Cooperative Extension Service <br />under one payroll system. Lee County, hereinafter designated <br />the County, and the North Carolina Cooperative Extension Service/North <br />Carolina State University, hereinafter designated NCSU, shall adhere to the <br />following provisions: <br />1. Name of Account - The account shall be known as the Lee <br />County Payroll Trust Account. <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 County and NCSU in a single <br />monthly paycheck. <br />3. Procedure for Providine Funds to the Account - A designated representative <br />of Lee County will receive a telephone call from the <br />Extension Personnel office approximately one week before payday advising <br />the amount due. The county will immediately wire funds to Wachovia Bank <br />Account No. 62-69-000-345 and will send a copy of the wire transfer to <br />Extension Personnel, Box 7602, Raleigh, NC 27695-7602. The trust account <br />maintained for county salaries will be audited and reconciled by the <br />Extension Accounting office to assure the month end account balance <br />remains zero. <br />Administration of he Account - The trust account will be maintained <br />in accordance with NCSU accounting policies and procedures. Receipts and <br />expenditures, including salaries and fringe benefits for appropriate <br />individuals, will be handled through the trust account. A report, <br />generated by the NCSU accounting system and including receipt and expendi- <br />ture transactions and the current status of the account, will be provided <br />quarterly to the County by NCSU. <br />