Common use of PROJECT BUDGET REQUIREMENTS Clause in Contracts

PROJECT BUDGET REQUIREMENTS. Project monies shall be expended in accordance with the approved Budget, as presented and attached herein as Appendix B. Approved Project Award budgets may include up to a 10% maximum total administrative expense allotment. Any budgeted administrative costs in excess of 10% will be deemed ineligible for reimbursement by OVR. Project budgets may be revised, but revisions shall not be retroactive, and shall only become effective upon the date the final and fully executed budget revision request is attached to this agreement. Fully executed shall mean the date of the last signature on the revision request. Items approved by the original Budget or subsequent Budget Revision Requests must be pur­chased and/or obligated prior to the expiration date of the project. Documentation that the funds were obligated prior to the expira­tion date will require Contractor to provide purchase orders or signed purchase contracts. OVR’s approval of a Budget Revision Request permits expenditure for those approved items, but does not constitute obligation of funds by the Contractor for their purchase. Staff salaries and fringe benefits may not be obligated for future payment. If obligated funds are not supported by purchase orders or signed contracts, the Contractor must make appropriate refunds to OVR.

PROJECT BUDGET REQUIREMENTS. Project monies shall be expended in accordance with the approved Budget, as presented and attached herein as Appendix B. Approved Project Award budgets may include up to a 10% maximum total administrative expense allotment. Any budgeted administrative costs in excess of 10% will be deemed ineligible for reimbursement by OVR. Project budgets may be revised, but revisions shall not be retroactive, and shall only become effective upon the date the final and fully executed budget revision request is attached to this agreement. Fully executed shall mean the date of the last signature on the revision request. Items approved by the original Budget or subsequent Budget Revision Requests must be pur­chased purchased and/or obligated prior to the expiration date of the project. Documentation that the funds were obligated prior to the expira­tion expiration date will require Contractor to provide purchase orders or signed purchase contracts. OVR’s approval of a Budget Revision Request permits expenditure for those approved items, but does not constitute obligation of funds by the Contractor for their purchase. Staff salaries and fringe benefits may not be obligated for future payment. If obligated funds are not supported by purchase orders or signed contracts, the Contractor must make appropriate refunds to OVR.. QUARTERLY

PROJECT BUDGET REQUIREMENTS. Project roject monies shall be expended in accordance with the approved Budget, as presented and attached herein as Appendix B. Approved Project Award budgets may include up to a 10% maximum total administrative expense allotment. Any budgeted administrative costs in excess of 10% will be deemed ineligible for reimbursement by OVR. Project budgets may be revised, but revisions shall not be retroactive, and shall only become effective upon the date the final and fully executed budget revision request is attached to this agreement. Fully executed shall mean the date of the last signature on the revision request. Items approved by the original Budget or subsequent Budget Revision Requests must be pur­chased and/or obligated prior to the expiration date of the project. Documentation that the funds were obligated prior to the expira­tion date will require Contractor to provide purchase orders or signed purchase contracts. OVR’s approval of a Budget Revision Request permits expenditure for those approved items, but does not constitute obligation of funds by the Contractor for their purchase. Staff salaries and fringe benefits may not be obligated for future payment. If obligated funds are not supported by purchase orders or signed contracts, the Contractor must make appropriate refunds to OVR.