Let's assume a startup and a VC agree to $X of funding in a Series A. What typically is the process (the mechanics) around transfer of funds from the VC to the startup? (A) Do the funds typically transfer in one fell swoop to the startup, and (B) what types of financial vehicles are the funds typically stores in? Finally, (C) does the startup typically have spending descretion of all the funds at once or is there typically some agreed upon spending strategy agrees upon in the term sheet?
Funding from a VC came come all at once or in traunches. A traunch is something divided into pieces.
The mechanics are usually done via a wire transfer into the companies checking account. Some companies then put a part of it in a CD or savings account.
The startup can spend the money how they see fit in order to further the business. Typically, a VC is going to want you to follow the budget/plan that you presented to them. Your Board, which includes your VC's, will also want some accountability for where the money went.
+1 on Jarie for the money movement.
For daily operations it's the President, however typically a VC will have ultimate control if they want it (e.g. board seats, possibly CEO, certainly stock voting power). However they cannot of course oversea daily activity so they implicitly trust the president to follow their general expectations.
There should also be a budget. Your budget-to-actual high-level should be one slide at the quarterly board meeting. Typically if the big numbers are inside the box there there's no trouble.