Budget Variance Sample Clauses

Budget Variance. Budget Variance = Actual Total Revenues ÷ Projected Total Revenues in the Charter School’s Board- Approved Budget

Budget Variance. 1. The Contractor may transfer funds from one category to another (except for equipment) in the agreed upon and approved budget included in this Contract for a single component without prior notification of the Department under the following conditions: a. The amount by which a single category may be increased may not exceed 20% of the approved amount or b. Budget flexibility is to be applied to each component separately and is not to be computed on the composite budget items. c. The number of people or the percentage of time charged to a job classification may be increased, provided this does not exceed the flexibility cited above. d. The Contractor may not make any transfer under this procedure that involves any of the categories or kinds of expenditures specifically listed below. e. All such transfers will be reflected on the next submitted financial report. 2. The Department requires the following changes in approved Program budgets to have prior written Department approval by a formal budget revision and/or formal Contract amendment: a. The purchase of an item of equipment not approved in the original budget. b. A transfer that involves an increase of an approved category amount by more than 20% or $5,000.00, whichever is greater. c. Any increase in compensation for services under a third party contract. d. Any transfers of funds from one component to another. e. Any transfer of budgeted Program income or food reimbursement. The Department will respond to a properly executed request within 30 days of receipt. f. No budget revisions proposed by the Contractor may be submitted later than 45 calendar days prior to the end of each Contract year during the Contract period, except that the Department may entertain, at any time, a budget revision for the purpose of increasing funds solely for the audit of the Program. The final financial report will show all category overruns. Costs incurred after the end of the budget period will be disallowed except those which the Department has expressly approved in writing and in advance.

Budget Variance. As of the Friday after the fourth full calendar week ending after the Petition Date and on each fourth Friday thereafter (each a “Testing Date” and each such period, commencing on the Petition Date or such immediately preceding Testing Date and ending on the relevant Testing Date, a “Testing Period”; provided that the initial Testing Period shall be deemed to include the full calendar week in which the Petition Date occurs), the Borrower shall not permit the aggregate actual cash expenses and disbursements other than Professional Fees made by the Borrower and its Subsidiaries during such Testing Period to be greater than 115% of the projected aggregate cash expenses and disbursements other than Professional Fees as set forth in the Budget for such Testing Period.

Budget Variance. As of the Thursday after the first full calendar week ending after the Petition Date and on each second Thursday thereafter ( such date a “Testing Date” and the period commencing on the Petition Date and ending on the relevant Testing Date, a “Testing Period”; provided that the initial Testing Period shall be deemed to include the full calendar week in which the Petition Date occurs), the Borrower shall not permit (i) total “Aggregate Disbursements” made by the Borrower and its Subsidiaries during such Testing Period to be greater than 110% of forecasted “Aggregate Disbursements” as set forth in the Budget for such Testing Period (ii) “Total Restructuring Expenses” made by the Borrower and its Subsidiaries during such Testing Period to be greater than 110% of forecasted “Total Restructuring Expenses” as set forth in the Budget for such Testing Period or (iii) the total disbursements during such Testing Period, in respect of any individual line item within “Aggregate Disbursements” that is identified on Schedule 9.01(a), to vary from the forecasted amount for such line item set forth in the Budget for such Testing Period, in each case greater than the percentage or dollar amount set forth in Schedule 9.01(a) with respect to such line item (the variances described in these clauses (i), (ii) and (iii), the “Permitted Variance”), provided that, notwithstanding the foregoing, the professional fees for professionals employed by the Administrative Agent, Revolving Agent and Prepetition Term Agent shall be excluded from this variance testing covenant. For the avoidance of doubt, by virtue of the cumulative testing period described above, all “Aggregate Disbursement” positive variances may be used in all future testing periods for variance testing purposes over the forecast.

Budget Variance. (a) To the extent permitted under 2 C.F.R. § 200.308, Subrecipient may re-budget within the approved direct cost Budget to meet unanticipated requirements; however, some post-award budget changes may require the GLO’s prior written approval pursuant to applicable regulations. (b) Where prior written approval is not required, Subrecipient must give notice to the GLO within thirty (30) days of any changes to the Budget. Where prior written approval is required, Subrecipient may request permission to change the Budget by submitting a Budget Amendment Form and written justification to the Project Manager. (c) Such reallocations may not increase or decrease the amount of the CMP grant funds or the total Budget amount and will be effective only upon GLO approval. The Project Manager will notify Subrecipient in writing if the request is approved or denied. Reallocation requests, approvals, and denials must be in writing, and may be delivered by regular mail, electronic mail, or facsimile transmission. The Project Manager shall include copies of all reallocation requests, approvals, and denials in the GLO’s project file. (d) To request any budget changes increasing or decreasing the total Budget amount, Subrecipient shall submit a Budget Amendment Form and a written justification to the Project Manager. If approved, the budget change shall be incorporated through a formal, written Amendment to the Contract as mutually agreed to by the Parties. (e) Subrecipient shall submit to the Project Manager a final, actual Budget no later than sixty (60) days following the expiration or termination of the Contract.

Budget Variance. In accordance with 2 C.F.R. § 200.308, Subrecipient may re-budget within the approved direct cost Budget to meet unanticipated requirements; however, some post-award budget changes may require the GLO’s prior written approval pursuant to applicable regulations. Where prior written approval is not required, Subrecipient must give notice to the GLO within thirty (30) days of any changes to the Budget. Where prior written approval is required, Subrecipient may request permission to change the Budget by submitting a Budget Amendment Form and written justification to the Grant Administrator. Such reallocations may not increase or decrease the amount of the CMP grant funds or the total Budget amount and will be effective only upon GLO approval. Any requested changes to the total Budget amount or the Project scope or outcome may be allowed only through a formal, written amendment to the Contract.

Budget Variance. [Reserved]. ................................................................... 16548 SECTION 6.15 Class A Revolving Loan Covenants ........................................................ 16548 ARTICLE VII

Budget Variance. 1. The Department requires a formal budget revision for any changes in category amounts. 2. The Department will respond to a properly executed request within 30 days of receipt. 3. No budget revisions proposed by the Contractor may be submitted later than 30 calendar days after the project end date, except that the Department may entertain, at any time, a budget revision for the purpose of increasing funds solely for the audit of the project. The final financial report will show all category overruns. Costs incurred after the end of the contract period will be disallowed except where the Department has expressly approved such costs in writing and in advance.

Budget Variance. In addition to any and all other reporting requirements set forth in this Agreement, commencing in the week following entry of the Final Order, Loan Parties shall prepare and deliver to Agent, no later than Wednesday of each week, a report in form satisfactory to Agent (the “Variance Report”), comparing (1) Loan Parties’ actual results under the then applicable Approved Budget for the immediately preceding week on a line item basis compared to the projections set forth in then applicable Approved Budget including, in each case, without limitation, an analysis of any budget variances. The Loan Parties’ actual collections (excluding actual collections of payments from the Department of Health and Human Services/Center for Medicare and Medicaid Services (“CMS”) that were previously subject to the administrative freeze imposed by CMS) shall not be less than 92.5% (the “Deposits Permitted Variance”) of the aggregate amount of “Total Deposits” projected (excluding projected collections of payments from CMS that were previously subject to the administrative freeze imposed by CMS) in the then applicable Approved Budget over the course of the applicable Test Period (as defined herein); and the Loan Parties’ actual operating disbursements shall not be greater than 107.5% (the “Disbursements Permitted Variance” and, collectively with the Deposits Permitted Variance, the “Permitted Variances”) of the aggregate amount of “Total Operating Disbursements” projected in the then applicable Approved Budget over the course of the applicable Test Period; provided, however, that, as to the Test Period described in clause (i) of the definition of Test Period applies, the Deposits Permitted Variance shall be 85% of the aggregate amount of “Total Deposits” projected in the Approved Budget over the course of such Test Period. “Test Period” shall mean (i) as to the Variance Report due to be delivered on December 12, 2018, the period from December 1, 2018, through and including December 8, 2018, (ii) as to the Variance Report due to be delivered on December 19, 2018, the period from December 1, 2018, through and including December 15, 2018, (iii) as to the Variance Report due to be delivered on December 26, 2018, the period from December 1, 2018, through and including December 22, 2018, and (iv) as to each Variance Report due on or after January 2, 2019, the consecutive four-week period ending on the Saturday prior to the due date of such Variance Report. Each such Variance Report sh...