Common use of Final Reconciliation Clause in Contracts

Final Reconciliation. a. All Xxx Xxxxx funds must be properly recorded and allocated to the appropriate award year for which the funds were advanced and disbursed. b. Institutions shall reconcile all award year Xxx Xxxxx funds received, and disbursed by the Institution no later than the month of September following the award year or an earlier final processing date as directed by the Commission. c. The final reconciliation of Xxx Xxxxx expenditures is to be on a student- by-student basis for the payment period and award year. d. Upon final award year reconciliation by the Institution, the Institution may, at any time prior to invoicing, repay any Xxx Xxxxx funds in excess of the reconciled amount to the Commission. e. Upon final reconciliation by the Commission, if the Institution has any outstanding balances, the Institution shall be invoiced for those funds. The invoice shall be due and payable to the Commission within thirty

Final Reconciliation. a. All Xxx Xxxxx funds must be properly recorded and allocated to the appropriate award year for which the funds were advanced and disbursed. b. Institutions shall reconcile all award year Xxx Xxxxx funds received, received and disbursed by the Institution no later than the month of September following the award year or an earlier final processing date as directed by the Commission. c. The final reconciliation of Xxx Xxxxx expenditures is to be on a student- by-student basis for the payment period and award year. d. Upon final award year reconciliation by the Institution, the Institution may, at any time prior to invoicing, repay any Xxx Xxxxx funds in excess of the reconciled amount to the Commission. e. Upon final reconciliation by the Commission, if the Institution has any outstanding balances, the Institution shall be invoiced for those funds. The invoice shall be due and payable to the Commission within thirty