Common use of Unobligated and Unearned Funds and Allowable Costs Clause in Contracts

Unobligated and Unearned Funds and Allowable Costs. In accordance with Section 215.971, Florida Statutes, the Subgrantee shall refund to the State of Florida any balance of unobligated funds which has been advanced or paid to the Subgrantee. In addition, funds paid in excess of the amount to which the Subgrantee is entitled under the terms and conditions of the agreement must be refunded to the state agency. Further, the Subgrantee may expend funds only for allowable costs resulting from obligations incurred during the specified agreement period. Expenditures of state and federal financial assistance must be in compliance with the laws, rules and regulations applicable to expenditures of funds. For state funds, guidelines include, but are not limited to, the Reference Guide for State Expenditures. For federal funds, guidelines for allowable costs can be found in 2 CFR 2 Subpart E – Cost Principles.