Surplus Situation Sample Clauses
The Surplus Situation clause defines how any excess funds, resources, or assets remaining after obligations have been met are to be handled. Typically, this clause outlines the process for distributing or allocating surplus, such as returning funds to contributors, reinvesting in the organization, or designating the surplus for specific future uses. Its core practical function is to ensure transparency and fairness in the management of leftover resources, preventing disputes and clarifying expectations among parties involved.
Surplus Situation. 8.6.2.1 Volunteers for transfer will be considered first for resolution of the surplus if they contribute to the resolution of the surplus issue as determined by the administration.
8.6.2.2 The following point system shall be applied to each unit member in the declared surplus:
1. Seniority in the District One point granted to each unit member in the department with a surplus situation except for the number of unit members corresponding to the number of surplus unit members who have the least district seniority. District seniority shall be defined as the first day of paid service in probationary status. Tie breaker criterion for those with the same seniority date shall be the last four (4) digits of the unit members’ social security numbers, with the lowest number having the least seniority, the highest number having the most seniority and all others ranked in between those numbers.