Common use of Reimbursement Plan Clause in Contracts

Reimbursement Plan. a. At the end of each year of the collective bargaining agreement, if the unexpended amount of the yearly amount of PLARP funds available is less than the total approved overage incurred by all faculty in each year of the collective bargaining agreement, all faculty members who have requested, and been approved for activities in amounts in excess of their yearly guaranteed amount, shall be reimbursed a percentage of their approved overage as follows, not to exceed their total incurred and receipted expenses: (total yearly unexpended PLARP funds) x (approved faculty members overage)/(total approved overage from all faculty).