Lincolnshire County Council (LCC) act as Accountable Body for the LEP and no financial transactions are made directly by the LEP. The Accountable Body provides regular reports to the LEP's Finance and Audit Committee and to the LEP Director's Board.
Day to day financial operations are carried out by the LEP, and the LEP Director holds authorisation from the LEP Board to sign off on expenditure in line with procedures. The Accountable Body provides the checks and balances to ensure this is undertaken robustly.
The Accountable Body ensures through the Section 151 Officer, that the funds generated through the LEP are used appropriately and not for any purpose other than for that which it is intended.