Common use of Revised Budgets Clause in Contracts

Revised Budgets. If the Budget is under or overspent in the previous Interim Period, then the Recipient must provide FII with a brief explanation for such under or over spending. If the Recipient desires to have budgeted FII Project Funding which was not expended during the applicable Interim Period deferred to another Interim Period, then the Recipient must submit a revised Project Proposal and proposed Budget to FII with explanations to reflect the Recipient’s future planned expenditures and Eligible Costs as well as how the revised Project Proposal and Budget will affect the Work and the Performance Measures. Failure of the Recipient to submit a revised Project Proposal and Budget will result in the amount of any under spending in one Interim Period being forfeited by the Recipient and the FII Project Funding being reduced accordingly. If the Budget is overspent during one Interim Period, the Accountable Advance to be made for the next Interim Period will be reduced by such over expenditure or if such Accountable Advance has already been made to the Recipient, and the Recipient will repay to FII, in accordance with this Agreement, an amount equal to such over expenditure.