Yearly Budget definition

Yearly Budget means, with respect to each Hotel, the annual operating budget of such Hotel, covering a Fiscal Year, as prepared by Manager in accordance with the Accounting Principles and approved by Owner. Such budget shall include an operating budget, a business plan and a Capital Replacements Budget. Without limiting the generality of the foregoing, the Yearly Budget shall include a projection of the estimated financial results of the operation of each Hotel for the Fiscal Year. Such projection shall project the estimated Gross Revenues, departmental profits, Operating Costs and Operating Profit for the Fiscal Year for each Hotel.
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Yearly Budget means the annual update of the Budget; and
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Yearly Budget. A Board approved yearly budget should be submitted before the beginning or Community Partners year (use chart below for due dates). Form due within 30 days of receipt of form. All reports must be completed online via UWCC secure ODM reporting site. In order for reports to be accepted they must be complete and free from errors. Year One 1st May 1, 2013 Year One 2nd August 1, 2013 Year One 3rd November 1, 2013 Year One 4th February 1, 2014 Year Two 1st May 1, 2014 Year Two 2nd August 1, 2014 Year Two 3rd November 1, 2014 Year Two 4th February 1, 2015 Year Three 1st May 1, 2015 Year Three 2nd August 1, 2015 Year Three 3rd November 1, 2015 Year Three 4th February 1, 2016 Determine whether written minutes are kept of all board meetings (including executive session, if applicable) and that the minutes are retained as official records of the organization. Obtain copies of the approved budget for the period under review. Has the budget been properly approved by the Board prior to the beginning of the applicable period under review? Is this approval supported by minutes of the board of directors? Is the budget balanced? Compare the budget to the actual numbers for the period under review. Make inquiries of management for any budget overage in excess of (this should be defined generally as a %) of the approved budget. Determine whether bank reconciliations are prepared on a monthly basis. Determine whether the bank reconciliations are reviewed by someone independent of the accounting function and how this review is documented. Make inquiries of management regarding the following: Are cash funds stored in a secure location and periodically reconciled? Are unused checks stored in a secure location? Are pre-numbered checks utilized and are the sequences periodically reviewed for missing sequence numbers? Are checks stamped “For Deposit Only” immediately upon receipt? Are receipt logs maintained and prepared by someone outside the accounting function? Are the receipt logs reconciled to the validated deposit slip? Are deposits made daily or kept secured until a deposit is made? To what extent does the organization receive cash donations from donors, fundraisers or special events? Determine the adequacy of the organization’s control procedures over cash collections. Are all disbursements supported by an invoice or similar documentation? Are invoices stamped “paid” with the date and check number indicated? Are all invoices approved by the appropriate official and is this a...
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Examples of Yearly Budget in a sentence

  • Manager shall review with Owner from time to time, and during the annual review of the Yearly Budget, material changes in policies, practices and procedures and their effect on the financial performance of the Hotels.

  • If Owner fails to disapprove of a proposed Yearly Budget within thirty (30) days after the submission thereof to Owner for its approval, the same shall be deemed approved.

  • If Owner disapproves of a proposed Yearly Budget, Owner will disapprove on a specific line-by-line basis to the extent reasonably practical.

  • For purposes of this section, “increase in the Consumer Price Index during the last year” shall mean the percentage increase in the Consumer Price Index for the 12-month period ending immediately prior to the date of submission of the Yearly Budget during the calendar year which began during the Fiscal Year which is in dispute.

  • Notwithstanding the foregoing priority of disbursements, Manager agrees that Owner shall have the right to defer and accrue items described under subsection (d) and subsection (e) above for up to two (2) months per Fiscal Year in order to accommodate the seasonal nature of the Hotel’s business; provided, however, that all such deferred and accrued amounts must be fully funded by the end of each Fiscal Year, all as to be agreed by Owner and Manager as part of the Yearly Budget.

  • Manager shall review with Owner from time to time and during the annual review of the Yearly Budget material changes in policies, practices and procedures and their effect on the financial performance of the Hotel.

  • Any dispute with respect to a proposed Yearly Budget which is not resolved by the parties within thirty (30) days after the submission thereof to Owner shall be resolved by Arbitration.

  • Manager will have sole discretion, which shall not be unreasonably exercised, within the Yearly Budget to determine the appropriateness of such travel.

  • Any objectionable items in the proposed Yearly Budget or Capital Replacements Budget, or revisions thereto, which Owner disapproves must be disapproved on a specific line-by-line basis in order to establish which, if any, line items are not acceptable to Owner.

  • Owner’s approval of the Yearly Budget and the Capital Replacements Budget shall not be unreasonably withheld or delayed and shall be deemed given unless a specific written disapproval thereof (as provided below) is delivered by Owner to Manager within thirty (30) days after submission of such budgets.


More Definitions of Yearly Budget

Yearly Budget means the annual budget, as established from time to time and approved in accordance with Article 11.2.
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Yearly Budget has the meaning set forth in the Hotel Operating Agreement.
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Yearly Budget means, with respect to each Hotel, the annual operating budget of such Hotel, covering a Fiscal Year, as prepared by Manager in accordance with the Accounting Principles and approved by Owner. Such budget shall include an operating budget, a business plan and a Capital Replacements Budget; provided, however, there shall be no regular Capital Replacements Budget for the Fiscal Years between the Effective Date and the Fiscal Year beginning January 1, 2014. Without limiting the generality of the foregoing, the Yearly Budget shall include a projection of the estimated financial results of the operation of each Hotel for the Fiscal Year. Such projection shall project the estimated Gross Revenues, departmental profits, Operating Costs and Operating Profit for the Fiscal Year for each Hotel.
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Yearly Budget actual against budget • Financial narrative: explanation of variations for each budget line
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Related to Yearly Budget

  • BASE budget means the minimum general fund budget of a district, which includes 80% of the basic

  • Approved Budget means an annual budget-

  • Annual Budget means the operating budget, including all planned capital expenditures, for the Property prepared by Borrower for the applicable Fiscal Year or other period.

  • CapEx Budget means the annual budget covering the planned Capital Expenditures for the period covered by such budget. The CapEx Budget shall not include Discretionary Capital Expenditures.

  • Operating Budget has the meaning given in Section 3.11(a).