Common use of PROGRAM SPECIFIC BUDGET AND BUDGET REVISION Clause in Contracts

PROGRAM SPECIFIC BUDGET AND BUDGET REVISION. A. The Contractor shall submit electronically the original budget in the format provided by the K/T AAA by the due date specified by the K/T AAA. B. The Contractor shall submit electronically a budget revision in the format provided by the K/T AAA by the due date specified by the K/T AAA with changes in funding levels, unless otherwise instructed by K/T AAA. C. Line Item Transfers 1. Transfers must be approved in advance by the K/TAAA. 2. The Contractor shall submit a revised budget to the K/T AAA when one or the cumulative line item budget transfer exceeds ten percent (10%) of the total budget for each funding source. 3. The Contractor shall maintain a written record of all budget changes and clearly document line item changes. The record shall include the date of the transfer, the amount, and the purpose. This record shall be available to the K/TAAA upon request and shall be maintained in the same manner as all other financial records. D. Allocation Transfers 1. Requests to transfer federal or state funds shall be submitted to the K/T AAA for approval with the original or revised budget. a. Transfer of federal baseline funds is allowable between Titles III B and III C in accordance with OAA §308(b)(5)(A) and between Titles, III C-1, and III C-2 in accordance with OAA §308(b)(4)(A). b. Transfer of state funds is allowable between Title III C-1 General Fund and Title III C-2 General Fund. 2. Approved transfers and budgets will be incorporated by reference into the current Agreement. 3. Transfer of funds cannot be processed or approved after the end of the specified contract period.