Expenditure Management Clause Samples
The Expenditure Management clause establishes the rules and procedures for controlling and monitoring spending within a contract or organization. Typically, it outlines how budgets are set, who has authority to approve expenses, and the process for tracking and reporting expenditures. This clause ensures that financial resources are used efficiently and transparently, helping to prevent overspending and maintain fiscal discipline.
Expenditure Management. (a) If, at the end of the 2018/2019 Academic Year,
(i) The Total Expenditure is at least $200,000 greater than the Actual Expenditures, the difference between them minus a contingency of 1% will be distributed in accordance with the Memorandum of Agreement Re: Professional Expenses Benefit and the 1% contingency will be added to the Total Expenditure for the proceeding Academic Year;
(ii) The Total Expenditure exceeds the Actual Expenditures by less than $200,000, the surplus amount will be added to the Total Expenditure for the following Academic Year; or
(iii) The Actual Expenditures exceed the Total Expenditure, the over-expenditure will be ameliorated by:
(A) Adding the Reserve Funds to the Total Expenditure; and, if necessary;
(B) Subject to Article 21.05(b) below, reducing the call payment rates commencing as close as practicable to the start of the following Academic Year, such that the projected over-expenditure should be recovered over the course of the following Academic Year.
(b) HEABC will inform RDBC in writing of any proposed reduction to the call payment rates pursuant to Article 21.05(a)(iii) above, as soon as practicable. If a reduction to the call payment rates is proposed, within 15 days of being notified, RDBC may request that HEABC consider certain alternatives to reducing the call payment rates, which HEABC will consider before making a final decision on the rates.
(c) Subject to Article 21.05 (e) below, the following provisions take effect at the start of the 2019/2020 Academic Year, and apply for the 2020/2021 Academic Year and the 2021/2022 Academic Year:
(i) At the conclusion of the first half of the Academic Year, HEABC will determine the call payment rates for the following Academic Year. If the Projected Actual Expenditures exceed the Total Expenditure by more than $200,000, subject to Article 21.05(d) below, the projected over-expenditure will be ameliorated by:
(A) Adding any available Reserve Funds to the Total Expenditure and, if necessary;
(B) Reducing the call payment rates commencing at the start of the following Academic Year, such that the projected over-expenditure should be recovered over the course of the following Academic Year.
(ii) If, at the end of an Academic Year,
(A) The Total Expenditure is at least $200,000 greater than the Actual Expenditures, the surplus amount minus a contingency of 1% will be added to the Additional Call Funds for the following Academic Year and the 1% contingency amount will be added t...
Expenditure Management. 1. Both parties shall actively apply to functional departments of government for project expenditure, the project expenditure approved to the project shall be distributed in accordance with the provisions of agreement on the project and transferred into the account of both parties separately for special purpose.
2. The expenditure of the R & D Centre shall be approved by the director of the R & D Centre, the expenditure of the R & D Centre on the side of Party B shall be examined and approved by the vice director who is representative of Party B.