Common use of Performance Grants Clause in Contracts

Performance Grants. a. Each year the major competition for Team USA will be announced. b. USBC will follow the USOPC payment of performance grant guidelines. c. Athletes who qualify for more than one award will automatically receive the higher award. i.e.: Only one (1) award per event d. Grants can vary and come from a variety of sources: 1) USOPC Operation Gold 2) PAN AM Games 3) IBF World Championships 4) PANAM Championships USBC realizes that the effect on an athlete’s ability to receive grants may depend on eligibility issues, including Youth membership in USBC and those on NCAA scholarships. Unless USBC is advised otherwise by the athlete, checks will be issued to all those eligible hereunder. While USBC is not a tax expert, we believe that these subsidy payments will likely be treated as some form of income by the Internal Revenue Service. Therefore, USBC will issue 1099’s where required ($600.00 or more reimbursement per year per person). You may be able to offset income received by your expenses incurred. You should consult your tax advisor for further information.

Performance Grants. a. Each year the major competition for Team USA will be announced. b. USBC will follow the USOPC payment of performance grant guidelines. c. Athletes who qualify for more than one award will automatically receive the higher award. i.e.: Only one (1) award per event d. Grants can vary and come from a variety of sources: 1) USOPC Operation Gold 2) PAN AM Games 3) IBF World Championships 4) PANAM Championships USBC ▇▇▇▇ realizes that the effect on an athlete’s ability to receive grants may depend on eligibility issues, including Youth membership in USBC and those on NCAA scholarships. Unless USBC is advised otherwise by the athlete, checks will be issued to all those eligible hereunder. While USBC is not a tax expert, we believe that these subsidy payments will likely be treated as some form of income by the Internal Revenue Service. Therefore, USBC will issue 1099’s where required ($600.00 or more reimbursement per year per person). You may be able to offset income received by your expenses incurred. You should consult your tax advisor for further information.