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Review of Proposed Award Budget Sample Clauses

Review of Proposed Award Budget. The AO must review the apparently successful applicant’s budget to ensure that costs, including cost sharing, are in compliance with OMB’s and USAID’s policies. The recipient must justify in advance the proposed costs for each element of the program. If the recipient expects to earn program income during the award period, the schedule of the award must specifically state how the income will be applied. (The definition of program income is located in 2 CFR 200 and income application suggestions can be found in 2 CFR 200.307.) (1) The extent of the prospective recipient’s understanding of the financial aspects of the program and the recipient’s ability to perform the grant activities within the amount requested;‌ (2) Whether the applicant's plans will achieve the program objectives with reasonable economy and efficiency; and (3) Any special conditions relating to costs that are in the award. Agency’s cost accounting policies, procedures, and practices. This includes ensuring that the apparently successful applicant’s indirect cost rates are consistent with any Negotiated Indirect Cost Rate Agreements (NICRA). If the apparently successful applicant does not have a current negotiated indirect cost rate, the recipient may choose to charge a de minimis rate up to 15 percent of modified total direct costs (see 2 CFR 200.414(f)). If the prospective applicant chooses the de minimis rate, the AO must incorporate the 15 percent indirect cost rate in the award budget and the recipient must follow the requirements in 2 CFR 200.414(f).‌
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Review of Proposed Award Budget. The AO must review the apparently successful applicant’s budget to ensure that costs, including cost sharing, are in compliance with OMB’s and USAID’s policies. The recipient must justify in advance the proposed costs for each element of the program. If the recipient expects to earn program income during the award period, the schedule of the award must specifically state how the income will be applied. (The definition of program income is located in 2 CFR 200 and income application suggestions can be found in 2 CFR 200.307.) When reviewing costs, the AO must review the cost breakdown; and evaluate and analyze specific elements of costs for reasonableness and allowability of costs in the budget, and the allowability of the costs under the applicable cost principles. The review of the proposed budget helps the AO determine: (1) The extent of the prospective recipient’s understanding of the financial aspects of the program and the recipient’s ability to perform the grant activities within the amount requested; (2) Whether the applicant's plans will achieve the program objectives with reasonable economy and efficiency; and (3) Any special conditions relating to costs that are in the award.

Related to Review of Proposed Award Budget

  • Business Plan The Lenders shall have received a reasonably ------------- satisfactory business plan for fiscal years 1997-2007 and a reasonably satisfactory written analysis of the business and prospects of Holdings, the Borrower and its Subsidiaries for the period from the Closing Date through fiscal year 2005.

  • Annual Budget For the partial year period commencing on the date hereof, and for each calendar year thereafter, the Borrower shall submit to Lender an Annual Budget not later than sixty (60) days prior to the commencement of such period or calendar year in form reasonably satisfactory to Lender, or for so long as an Operating Lease remains in effect, no later than five (5) Business Days after a budget is delivered to Borrower by an Operating Lessee pursuant to the terms of an Operating Lease. The Annual Budget submitted for the calendar year in which a Trigger Event occurs, and for each calendar year thereafter during a Trigger Period, shall be subject to Lender's written approval, which approval shall not be unreasonably withheld (each such Annual Budget as approved by Lender, an "Approved Annual Budget"). In the event that Lender objects to a proposed Annual Budget submitted by Borrower or an Operating Lessee, Lender shall advise Borrower of such objections within thirty (30) days after receipt thereof (and deliver to such party a reasonably detailed description of such objections) and Borrower shall promptly revise, or cause Operating Lessee to revise, such Annual Budget and resubmit the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise, or cause Operating Lessee to revise, the same in accordance with the process described in this subsection until the Lender approves the Annual Budget. Until such time that Lender approves a proposed Annual Budget, the most recently Approved Annual Budget shall apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual increases in real estate taxes, insurance premiums and utilities expenses.

  • Annual Budgets The School shall adopt a budget for each fiscal year, prior to the beginning of the fiscal year. The budget shall be in the Idaho Financial Accounting Reporting Management Systems (IFARMS) format and any other format as may be reasonably requested by the Authorizer.

  • Program Objectives Implement a rigorous constructability program following The University of Texas System, Office of Facilities Planning and Construction Constructability Manual. Identify and document project cost and schedule savings (targeted costs are 5% of construction costs). Clarification of project goals, objectives.

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