Program Budgets Clause Samples
Program Budgets. For each of the phases set forth in Section “B” of Article I hereof, the Fund shall establish a separate Program Budget. The estimated cost of construction of the Consultant’s design of the Project shall at all times be within the applicable Program Budget, as set forth in Schedule “B” and as further authorized by the Fund through Phase Approval Letters. The Consultant’s continuation of work in subsequent phases constitutes acceptance of the provisions set forth in Phase Approval Letters. In the event that such estimated cost is at any time in excess of the Fund's Program Budget, the Consultant, to the extent necessary in the Fund's judgment to bring the cost of the Project within said Budget, shall revise, at its own cost and expense, subject to the acceptance and approval by the Fund, all or any part of the drawings and specifications of the Project that the Fund may deem advisable. Unless otherwise directed by the Fund, the cost analysis and all cost estimates referred to in subsections (1)b, (2)g, (3)aiii, and (4)f and (5)d of Section B of Article I hereof shall be prepared by a Cost Analyst approved by the Fund and shall be prepared in accordance with the formats prescribed therefor by the Fund.
Program Budgets. Faculty shall have the right to participate in the development of their program budgets.
Program Budgets. Budgets are built at various enrollment breakouts to determine a realistic price at which to advertise the program fee. Budgets are built at a minimum enrollment level of 12 students. Each program budget is unique and line items vary, but the following are examples of expenses considered in building the budgets:
Program Budgets a. A Program is said to be solvent if tuition revenues generated by the program adequately cover all direct costs and indirect costs other than reserve requirements. A Program is said to be viable if it is solvent and covers all reserve requirements.
b. New programs need t ime to generate sufficient enrollment, stabilize and become v iable. New programs must cover all direct expenses in the first year of operation but will have up to 4 years to become viable. New programs will be required to contribute to IDC in the first four years as follows: Year 1: Forty percent (40%) Year 2: Fifty percent (50%) Year 3: Seventy percent (70%) 1 Duties such as course or program development or revision are considered to be part of the faculty members’ routine service.
Program Budgets. In consideration of SurModics’ performance of its activities under each Feasibility Study, Project Plan and (to the extent applicable) SOW, Genentech shall reimburse SurModics for all undisputed amounts incurred by SurModics in accordance with the associated Program Budget. SurModics will provide Genentech with an invoice for SurModics’ activities, [*]. Genentech shall pay SurModics [*] in accordance with Program Budgets, [*] after Genentech’s receipt of an invoice. Each invoice will include [*]