Surplus Funds. Any surplus funds remaining at the close of each fiscal year will be used to enhance the Charter School’s academic program. Under no circumstances shall any surplus be distributed to the Charter School’s employee(s), board member(s), educational service provider or educational management organization. Nothing in this section shall be construed to prevent the Charter School from setting aside surplus funds in a reserve account or budgeting and awarding performance bonuses as part of their annual operating expenses.
Surplus Funds. Any part or all of a payment by NSAQMD to Participant, which is not utilized for any reason by Participant to pay costs pursuant to the terms and conditions of this Agreement or as detailed in a claim by Participant, shall be refunded to NSAQMD within 30 days after the end of the project term defined in Paragraph 2 above.
Surplus Funds. Under no circumstances shall any surplus funds be distributed to the Charter School’s board member(s), educational service provider or educational management organization. This subsection shall be construed consistent with the provisions of O.C.G.A. § 20-2-167(a)(5).
Surplus Funds. Any surplus funds remaining after the completion of the Approved Project will be returned to the Mountainland or Utah County fund balance to be reallocated to other projects selected through the MPO project selection process. Note that Mountainland and Utah County selects and funds projects, not project sponsors. Surplus funds cannot be moved to a new project not already approved though the MPO project selection process. Any surplus funds paid by the Project Sponsor shall be returned to the Project Sponsor.
Surplus Funds. As defined in 603 CMR 50.00, unexpended general funds at the end of the fiscal year plus any previous year’s surplus funds, as determined through the financial statements, will be considered cumulative surplus.
Surplus Funds. Any surplus funds held in the Collateral Account and remaining after the Obligations are fully satisfied shall be paid to the Borrower or such other Person(s) as may be lawfully entitled to receive such surplus.
Surplus Funds. Surplus funds left over at the end of any year must be used at the discretion of the Board to pay Association Expenses in the next year and/or be transferred into the Capital Reserve Fund(s) and/or the Operational Reserve Fund(s).
Surplus Funds. The Association shall not be obligated to spend in any year all the Assessments and other sums received by it in such year, and may carry forward as surplus any balances remaining, including, but not limited to using such surplus to fund reserves. The Association shall not be obligated to reduce the amount of the annual Assessment in the succeeding year if a surplus exists from a prior year, and the Association may carry forward from year to year such surplus as the Board in its discretion may determine to be desirable for the greater financial security of the Association and the accomplishment of its purposes.
Surplus Funds. In the event that MEMBER CONTRIBUTIONS exceed claims and expenses for the FUND, the BOARD, shall first apply the SURPLUS FUNDS to the mandatory reserve. Should the reserve exceed the BOARD’S established funding target, the BOARD may, in its sole discretion, apply SURPLUS FUNDS toward the CONTRIBUTIONS of MEMBERS for any subsequent year, and/or fund any other necessary and proper cost, liability and/or expense of the POOL. Additionally, the BOARD may refund to its MEMBERS all or some portion of the excess payments, if any, made by its MEMBERS to the POOL, which reimbursement may be based on each MEMBER’S and the POOL’S loss experience and such other factors as the BOARD deems appropriate under the circumstances. The BOARD shall determine the amount of SURPLUS FUNDS, if any, as of December 31 of each year hereunder on or before April 1 in each succeeding year, and shall promptly communicate this information to each MEMBER.
Surplus Funds. Funds that remain after the Improvements are completed and fully reimbursed from the Retrofit Disbursement Account, the RA has been fully reimbursed for actual inspection costs, and the Efficiency Incentive Payment, Targeted Low-Income Job Creation Incentive, and/or Utility Consumption Fee have been paid, if earned, shall be remitted as directed by the Secretary in writing. Such surplus Funds may be returned to the Secretary and de-obligated for the Transaction. Any Funds returned to the Secretary pursuant to this paragraph shall reduce the original principal amount of the Green Retrofit Grant or Green Retrofit Loan. The owner agrees to execute promptly modifications to the Closing Documents as required to amend the original principal amount of the Green Retrofit Grant or Green Retrofit Loan. No Surplus Funds may be disbursed by the Owner or otherwise deposited into a Project account. OAHP will direct the application of surplus funds. No surplus funds may be disbursed to the owner or to the project operating account.
