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

  • 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.

  • Sale of such items will be made only pursuant to an approved capital expenditure program as provided in the Yearly Budget.

  • Manager shall also have sole responsibility, in the exercise of reasonable discretion and business judgment and in accordance with the Yearly Budget, to determine the terms of guest occupancy and admittance to the Hotel, use of rooms for commercial purposes, policies relating to entertainment, labor policies, publicity and promotion activities and technology services and equipment to be used in the Hotel.

  • Manager, in the exercise of reasonable discretion and business judgment and in accordance with the Yearly Budget, shall be solely responsible for determining room rates, food and beverage menu prices and charges to guests for other Hotel services.

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

  • Subject to such terms and conditions of this Agreement, the Yearly Budget and the Brand Standards, Manager shall have the right to determine operating policy, standards of operation, quality of service and any other matters affecting customer relations or management and operation of the Hotel.

  • Manager will provide Owner with the material data and information utilized in preparing the Yearly Budget and the Capital Replacements Budget or any revisions thereof.

  • Manager will not be deemed to have made any guaranty, warranty or representation whatsoever in connection with the Yearly Budget and the Capital Replacements Budget, and Owner acknowledges that the Yearly Budget, including the Capital Replacements Budget are intended only as reasonable estimates of the matters they describe.


More Definitions of Yearly Budget

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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Yearly Budget has the meaning set forth in the Hotel Operating Agreement.
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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).

  • Budget means a resource, expressed in financial terms, proposed by the Board for the purpose of carrying out, for a specific period, any or all of the functions of the Trust.

  • Annual Operating Budget as defined in Section 6.2(c).

  • Initial Budget has the meaning set forth in Section 7.06(a).

  • Development Budget means the cost categories listed on Pages 8 - 11 in Form 3 that are directly related to the proposed Project as submitted in the Application. Indirect or off-site costs not directly related to the development of the project are not valid or eligible costs.

  • Capital Expenditure Budget shall constitute an estimate for the applicable period of the capital expenditures required to (i) accomplish capital enhancement projects included in the most recently approved Strategic Plan, (ii) maintain and preserve the Partnership's assets in good operating condition and repair and (iii) achieve or maintain compliance with any HSE Law.

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each and clearly allocate requested grant funding and match contributions to each.

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

  • Annual Work Plan and Budget means the work plan and budget referred to in Section I.D of Schedule 2 to this Agreement

  • Business Plan means the information required to be supplied to the

  • Approved Project Budget means the most recent statement, approved by the FTA, of the costs of the Project, the maximum amount of Federal assistance for which the TJPA is currently eligible, the specific tasks (including specified contingencies) covered, and the estimated cost of each task.

  • DIP Budget means a projected statement of sources and uses of cash for the Borrower and the Guarantors on a weekly basis for the following 13 calendar weeks. As used herein, “DIP Budget” shall initially refer to the initial 13-week projection delivered in accordance with Section 6.2 and thereafter shall refer to the most recent 13-week projection delivered by the Borrower in accordance with Section 9.1(c).

  • Approved Annual Budget shall have the meaning set forth in Section 5.1.11(d) hereof.

  • Construction Budget means the cost of acquisition, installation, testing, constructing and developing any Property as determined by the Construction Agent in its reasonable, good faith judgment.

  • Project Year means the twelve-month period beginning from the Effective Date and ending twelve months thereafter (the First Project Year), and any twelve-month period beginning at the end of the First Project Year, or the end of subsequent Project Years;

  • Annual Balanced Budget means that, in each Funding Year of the term of this Agreement, the total revenues of the HSP are greater than or equal to the total expenses, from all sources, of the HSP;

  • Project area budget means a multiyear projection of annual or cumulative

  • Wind-Down Budget means a budget to be prepared by the Debtors, and reasonably acceptable to the Deerfield Requisite Supporting Noteholders, the Unaffiliated Requisite Supporting Noteholders, and the Committee, which shall be filed with the Court as part of the Plan Supplement, and which may be amended from time to time after entry of the Confirmation Order, subject to the consent of the Oversight Committee, which consent shall not be unreasonably withheld, and which shall estimate the funds necessary to administer the Plan and wind down the Debtors’ affairs, including the costs of holding and liquidating the Estates’ remaining property, objecting to Claims, making the Distributions required by the Plan, prosecuting claims and Causes of Action that may be held by the Estates against third parties that are not released, waived or transferred pursuant to the Plan (including pursuant to Article X) or otherwise, paying Taxes, filing Tax returns, paying professionals’ fees and expenses, paying the fees and expenses of the Oversight Committee, funding payroll and other employee costs, providing for the purchase of errors and omissions insurance and/or other forms of indemnification for the Plan Administrator, and for all such items and other costs of administering the Plan, the Estates and the Liquidating Debtors (other than the Administrative and Priority Claims Reserve, the Disputed Claims Reserve, and the Professional Fee Reserve).

  • Operating Plan means a plan adopted or amended under this section for the development, redevelopment, maintenance, operation and promotion of a business improvement district, including all of the following:

  • Annual Work Plan means each annual work plan, together with the related budget, for the Project approved by the Association pursuant to the provisions of Section I.B.3 of Schedule 2 to this Agreement.

  • Development Schedule shall have the meaning set forth in Section 1.1.

  • Base Case Model means the financial model and statements including profit and loss, balance sheet and financial projections reflecting the forecasted consolidated financial conditions of the Group for the term of this Agreement (for these purposes assuming both before and after the incurrence of the indebtedness under the Finance Documents), each in form and substance satisfactory to the Finance Parties addressed to, and/or capable of being relied upon by the Finance Parties.