Financial necessity definition

Financial necessity means a reduction in the District’s financial resources that in the sole judgment of the board of education will result in a reduction in the District’s current or future operating budget.
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Financial necessity means a reduction in the School District's financial resources resulting from declining enrollment or any other action or event that in the sole judgment of the board of education will result in a reduction in the School District's current or future operating budget.
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Financial necessity as used in this Subsection means a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of a Participant or of a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant's property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant (but specifically not including the need to send a child of the Participant to college or the desire to purchase a home). The amount of any such distribution shall be limited to the amount deemed necessary by the Committee to alleviate or remedy the hardship. The payment shall be made in the manner and at the time specified by the Committee.
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Examples of Financial necessity in a sentence

  • Select Reduction in Force Provisions (Read entire agreement for a review of All Provisions) Reasons: • Financial necessity • Program change • Decline in enrollment • Other business inevitability Initial Criteria: Natural attrition first Note...

  • Financial necessity is therefore increasingly dictating the entry of women into the work force.

  • Financial necessity often means those on limited incomes already engage in eco-friendly behaviour, such as cycling and walking and switching off appliances, therefore the identification and promotion of economic benefits could prove influential.

  • Financial necessity, ambition and determination have consistently seen sharemilkers driving developments in the dairy industry over the years.

  • Financial necessity or the threat of employment termination does not alone constitute duress.

  • Financial necessity had forced him to leave both Abraham and his ways.

  • Recipients of the scholarships will be chosen based on the following: Financial necessity - 40 percentWritten essay - 20 percentParticipation in community/school activities - 40 percentThe total scholarship award will be $2,500 and will be disbursed the first two semesters of college attendance and shall be established in the sum of $1,250.00 per student per semester.

  • Financial necessity was an important driver of innovation and the presence of the project officer allowed rapid human capital building relating to specific projects.

  • The Court’s observed that, "Financial necessity, though superficially compelling, has never been sufficient of itself to permit states to abrogate contracts on a par with other policy alternatives...

  • Financial necessity, where the services being provided would not be economically feasible or would result in significant additional expense if the services had to be performed by bargaining unit employees;4 Underlined text was new to the Agreement and went into effect in 2014.


More Definitions of Financial necessity

Financial necessity as used in this Subsection means a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of a Participant or of a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant's property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant (but specifically not including the need to send a child of the Participant to college or the desire to purchase a home). The amount of any such distribution shall be limited to the amount deemed necessary by the Committee to alleviate or remedy the hardship. The payment shall be made in the manner and at the time specified by the Committee.
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Related to Financial necessity

  • Financial Reporting Measures means measures that are determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and all other measures that are derived wholly or in part from such measures. Stock price and total shareholder return (and any measures that are derived wholly or in part from stock price or total shareholder return) shall, for purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company’s financial statements or included in a filing with the SEC.

  • Financial Reporting Measure means any measure determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measures derived wholly or in part from such measures, including GAAP, IFRS and non-GAAP/IFRS financial measures, as well as stock or share price and total equityholder return.

  • Financial exigency means a condition that requires the bona fide discontinuance or reduction in size of an administrative unit, project, program or curriculum due to the lack of funds available and sufficient to meet current or projected expenditures.

  • Reliability means the degree of performance of the bulk electric system that results in electricity being delivered within Reliability Standards and in the amount desired. Electric system Reliability can be addressed by considering two basic and functional aspects of electric systems, which are Adequacy and Security.

  • Financial Instruments means commodities, securities, and derivatives of all types, including, without limitation, stocks and other equity instruments, bonds and other debt instruments, commodities and futures, forwards, swaps, and options that derive their value from bonds, equities, commodities or indices thereof. EXHIBIT C

  • Financial Package means the financing package indicating the total capital cost of the Project and the means of financing thereof, as set forth in the Financial Model and approved by the Lenders, and includes Equity and all financial assistance specified in the Financing Agreements;

  • Common Reporting Standard means the standard for automatic exchange of financial account information in tax matters (which includes the Commentaries), developed by the OECD, with G20 countries;

  • International Financial Reporting Standards means the accounting standards and interpretations adopted by the International Accounting Standards Board.

  • Financial aid means loans and/or grants to needy students

  • financial entity means the following entities which meet such criteria or conditions as the Central Government may, in consultation with the financial sector regulator, notify in this behalf, namely:

  • Common Reporting Standard (CRS) means the Standard for Automatic Exchange of Financial Account Information (“AEOFAI”) in Tax Matters and was developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

  • Sustainability means the use, development, and protection of resources at a rate and in a manner that enables people to meet their current needs while allowing future generations to meet their own needs; “sustainability” requires simultaneously meeting environmental, economic and community needs.

  • Comprehensive resource analysis means an analysis including,

  • Affordability means a housing unit that satisfies at least one of the following criteria:

  • NERC Reliability Standards means the most recent version of those reliability standards applicable to the Generating Facility, or to the Generator Owner or the Generator Operator with respect to the Generating Facility, that are adopted by the NERC and approved by the applicable regulatory authorities, which are available at xxxx://xxx.xxxx.xxx/files/Reliability_Standards_Complete_Set.pdf, or any successor thereto.