Common use of Cost Reconciliation and Allocation Base Update Clause in Contracts

Cost Reconciliation and Allocation Base Update. All Parties agree that an annual reconciliation of budgeted and actual costs and update of the allocation bases will be completed. CSSWF will prepare an updated budget document showing cost adjustments and will prepare an invoice for each Partner with the actual costs allocable to each Partner for the year. CSSWF will submit the invoices to the Partners and send a copy of the updated budget to all Parties no later than forty-five (45) days after the end of the year. Funding for the required contribution of the IFA costs may be in the form of cash, non-cash or third party in-kind.