Negative Net Asset Position definition
Examples of Negative Net Asset Position in a sentence
Each Party, however, shall take all reasonable steps necessary to avoid a Negative Change in Net Assets and to avoid concluding a Fiscal Year in a Negative Net Asset Position, excluding adjustments related to GASB 68 and GASB 75, during the Term.
Further, at the discretion of K12, Balanced Budget Credits will be applied each Fiscal Year for the Term of the Agreement to K12 Curriculum, Materials, Computers and Miscellaneous K12 invoices up to the amount to avoid concluding a Fiscal Year in a Negative Net Asset Position, excluding adjustments related to GASB 68 and GASB 75 during the Term.
Accordingly, the Parties further agree that each of them shall take all reasonable steps and approaches necessary to avoid a negative change in Net Assets or conclude a Fiscal Year in a Negative Net Asset Position during the Term.
In addition, both the School and K12 agree that the Program will not conclude a Fiscal Year during the Term in a Negative Net Asset Position.
In consideration for the opportunity to provide School with the services and products set forth in this Agreement, the parties agree that the Program will not end a Fiscal Year in a Negative Net Asset Position in accordance with Section 4 of the Agreement.
For each year of the Agreement, provided that there has been no material breach of the Agreement by the School, if the School ends a fiscal year in a Negative Net Asset Position, the Parties agree that K12 will provide sufficient credits (“K12 Fee Credits”) to be applied to K12 invoices to ensure that the Program does not experience a Negative Net Asset Position at the end of said Fiscal Year.
Accordingly, the School and K12 further agree that each of them shall take all reasonable steps and approaches necessary to avoid a Negative Net Asset Position in any Fiscal Year during the Term.
The payments described above and the 50% limit on the Positive Net Asset Position of the School, is to ensure that the school is will not be put into a Negative Net Asset Position.
In the event that the Board causes the Program to run a Negative Net Asset Position, in any given Fiscal Year during the Term, more than two percent (2%) greater than that agreed to in writing by K12, then K12 reserves the right to limit the Balanced Budget Credits up to such 2% variance.
The Parties agree that each of them shall take all reasonable steps and approaches necessary to avoid a negative change in Net Assets or conclude a Fiscal Year in a Negative Net Asset Position during the Term.