Common use of CONTRACT FUNDS Clause in Contracts

CONTRACT FUNDS. It is the intent of the Employer to provide the Federation with quarterly updates of its reports concerning the status of contract accounts. Best efforts shall be employed to issue updates in accordance with the following schedule: • For the first quarter (July through September), approximately the last week of October; • For the second quarter (October through December), approximately the last week of January; • For the third quarter (January through March), approximately the last week of April; and • For the fourth quarter (April through June), approximately the last week of July. Updates of reports on the status of contract accounts shall include credits and expenditures for the fiscal year to date, including rollout and cash, as appropriate. If, at the end of a fiscal year, fewer than all of the current year’s allotted dollars in a given account have been spent, the parties shall meet at the request of either of them to discuss the disposition of said unspent funds. It is understood that unspent contract funds shall not lapse. Contract dollars shall be used only for contractually prescribed purposes, unless otherwise agreed by the Board and the Federation. APPENDIX L REOPENER: NONCREDIT LECTURER SALARY SCHEDULE

CONTRACT FUNDS. It is the intent of the Employer to provide the Federation with quarterly updates of its reports concerning the status of contract accounts. Best efforts shall be employed to issue updates in accordance with the following schedule: • For the first quarter (July through September), approximately the last week of October; • For the second quarter (October through December), approximately the last week of January; • For the third quarter (January through March), approximately the last week of April; and • For the fourth quarter (April through June), approximately the last week of July. Updates of reports on the status of contract accounts shall include credits and expenditures for the fiscal year to date, including rollout and cash, as appropriate. If, at the end of a fiscal year, fewer than all of the current year’s allotted dollars in a given account have been spent, the parties shall meet at the request of either of them to discuss the disposition of said unspent funds. It is understood that unspent contract funds shall not lapse. Contract dollars shall be used only for contractually prescribed purposes, unless otherwise agreed by the Board and the Federation. APPENDIX L REOPENER: NONCREDIT LECTURER SALARY SCHEDULE.