Common use of Step 3 — Reduction due to the Clause in Contracts

Step 3 — Reduction due to the. no-profit rule The grant must not produce a profit. ‘Profit’ means the surplus of the amount obtained following Steps 1 and 2 plus the action’s total receipts, over the action’s total eligible costs. The ‘action’s total eligible costs’ are the consolidated total eligible costs approved by the [Commission][Agency]. The ‘action’s total receipts’ are the consolidated total receipts generated during its duration (see Article 3). The following are considered receipts:‌