FY14 Clause Samples
The FY14 clause defines the specific fiscal year, namely Fiscal Year 2014, as a reference point for obligations, performance periods, or financial reporting within a contract. In practice, this clause is used to clarify that certain actions, budgets, or deliverables are tied to the period beginning October 1, 2013, and ending September 30, 2014, which is the standard federal fiscal year. By specifying FY14, the clause ensures that all parties have a clear and consistent understanding of the relevant time frame, thereby preventing confusion or disputes about deadlines and applicable periods.
FY14. The Distribution Pool for the School of Medicine (SOM) and the School of Dental Medicine (SODM) will be calculated by
i. taking the total of base salaries (totbSalaries) of all bargaining unit members as of April 4, 2013 (end of pay cycle 21),2
ii. and deducting from that calculated number the totbSalaries of all bargaining unit members hired after December 31, 2012, as well as the totbSalaries of bargaining unit members with ICAs on April 4, 2013
1 Hereafter, the use of the term “faculty” shall be understood to mean “bargaining unit faculty”. 2 Pay cycle with pay period end date closest to March 31 was used for each year where “pay cycle 21” is referenced.
iii. The Distribution Pool for FY14 shall be five percent (5%) of the resulting number or the Distribution Pool Floor, defined in Section 3 below, whichever is higher, plus the EAGWIs for those faculty members whose ICAs expire after April 4 and before July 1, 2013. For the purpose of allocating the Distribution Pool or Distribution Pool floor (if used), the Pool shall be proportionally divided between the SOM and the SODM based upon the ratio of totbSalaries from each used to calculate the Distribution Pool; in this division the EAGWIs for faculty whose ICAs expire after April 4 and before July 1, 2013 will not be considered.