Business Systems, Allowable Costs & Payments Sample Clauses

Business Systems, Allowable Costs & Payments. In addition to any other financial reports provided or required, the Recipient shall notify the Program Administrator immediately if any contribution from the Recipient is not made, as required. Business System Requirements and Cost Principles: Prior to the submission of invoices to the Program Administrator, the Recipient shall have and maintain an established accounting system that complies with Generally Accepted Accounting Principles and the requirements of this Agreement. The Recipient shall ensure that appropriate arrangements have been made for receiving, distributing and accounting for Federal funds. Program Participants shall also have and maintain an established financial management and cost-accounting system. Program Participants that perform under expenditure-based Federal procurement contracts shall apply the Government cost principles in 48 CFR parts 31 and 231. For-profit Program Participants that do not currently perform under expenditure based Federal procurement contracts shall comply with Generally Accepted Accounting Principles, 32 CFR 34.11 and the requirements of this Agreement. Non-profit Program Participants shall have and maintain an established accounting system which complies with 32 CFR 37 consistent with the applicable type of non-profit. Allowable costs for non-profits shall comply with 2 CFR 200, Subpart E- Cost Principles based upon the type of non-profit (i.e., State or Local Government, Institution of Higher Education, or Other type). Consistent with this stipulation, an acceptable accounting system will be one in which all cash receipts and disbursements are controlled and documented properly.
Sample 1
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Business Systems, Allowable Costs & Payments. In addition to any other financial reports provided or required, the Program Administrator shall notify the Agreements Officer immediately if any contribution from the Collaboration is not made, as required. Business System Requirements and Cost Principles: Prior to the submission of invoices to NAVSEA by the Program Administrator, the Program Administrator shall have and maintain an established accounting system that complies with Generally Accepted Accounting Principles and the requirements of this Agreement. The Program Administrator shall ensure that appropriate arrangements have been made for receiving, distributing and accounting for Federal funds. Program Participants shall also have and maintain an established financial management and cost- accounting system. To avoid needless changes to facilitate the terms of this Agreement, for- profit Program Participants that perform under expenditure-based Federal procurement contracts shall apply the Government cost principles in 48 CFR parts 31 and 231. For-profit Program Participants that do not currently perform under expenditure based Federal procurement contracts shall comply with Generally Accepted Accounting Principles, 32 CFR 34.11 and the requirements of this Agreement. Non-profit Program Participants shall have and maintain an established accounting system which complies with 32 CFR 37 consistent with the applicable type of non-profit. Allowable costs for non-profits shall comply with the relevant OMB circular (21, 87 or 122) based upon the type of non-profit (i.e., State or Local Government, Institution of Higher Education, or Other type). Consistent with this stipulation, an acceptable accounting system will be one in which all cash receipts and disbursements are controlled and documented properly. The Parties recognize that, as a conduit, the ECB does not incur, nor does it allocate, any indirect costs.
Sample 1

Related to Business Systems, Allowable Costs & Payments

  • Allowable Costs Allowable Costs are restricted to costs that comply with the Texas Uniform Grant Management Standards (UGMS) and applicable state and federal rules and law. The Parties agree that all the requirements of the UGMS apply to this Contract, including the criteria for Allowable Costs. Additional federal requirements apply if this Contract is funded, in whole or in part, with federal funds.

  • Unallowable Costs Costs that are unallowable under other sections of these principles shall not be allowable under this section solely on the basis that they constitute personnel compensation.

  • ALLOWABLE COSTS AND PAYMENTS A. The method of payment for this contract will be based on actual cost plus a fixed fee. COUNTY will reimburse CONSULTANT for actual costs (including labor costs, employee benefits, travel, equipment rental costs, overhead and other direct costs) incurred by CONSULTANT in performance of the work. CONSULTANT will not be reimbursed for actual costs that exceed the estimated wage rates, employee benefits, travel, equipment rental, overhead, and other estimated costs set forth in the approved CONSULTANT’S COST PROPOSAL as referenced and defined in Exhibit “C”, unless additional reimbursement is provided for by contract amendment. In no event, will CONSULTANT be reimbursed for overhead costs at a rate that exceeds COUNTY’s approved overhead rate set forth in the COST PROPOSAL. In the event, that COUNTY determines that a change to the work from that specified in the COST PROPOSAL and AGREEMENT is required, the AGREEMENT time or actual costs reimbursable by COUNTY shall be adjusted by written agreement or task order to accommodate the changed work. The maximum total cost as specified in Paragraph “H” shall not be exceeded, unless authorized by written agreement.

  • Reimbursable Costs 5.3.1. To be considered eligible for reimbursement, costs have to be: • actually incurred, individually identifiable and verifiable, as backed by copies of supporting evidence, as the case may be in the Contractor’s official bookkeeping; this means that no lump sums will be eligible for reimbursement; • necessary in order to perform the tasks as specified in the Terms of Reference (Annex 2); and • cost effective and providing value for money

  • Unallowable Costs Defined All costs (as defined in the Federal Acquisition Regulation, 48 C.F.R. § 31.205-47; and in Titles XVIII and XIX of the Social Security Act, 42 U.S.C. §§ 1395-1395lll and 1396-1396w-5; and the regulations and official program directives promulgated thereunder) incurred by or on behalf of Defendants, their present or former officers, directors, employees, shareholders, and agents in connection with:

  • Assistance expenses The Parties shall waive all claims on each other for the reimbursement of expenses incurred in accordance with this Chapter, except, as appropriate, for expenses related to experts and witnesses and to interpreters and translators who are not public officials.

  • Transportation Expenses (a) When an employee is required to report for work and reports under the conditions described in paragraphs 28.05(c), and 28.06(a), and is required to use transportation services other than normal public transportation services, the employee shall be reimbursed for reasonable expenses incurred as follows:

  • Training Costs All costs and expenses incurred by the Contractor in training as is required under Article 22 of the Contract.

  • Direct Costs Insert the major cost elements. For each element, consider the application of the paragraph entitled “Costs Requiring Prior Approval” on page 1 of these instructions.

  • First Aid Expenses We will pay expenses for first aid to others in- curred by an "insured" for "bodily injury" covered under this policy. We will not pay for first aid to an "insured".

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