Underspends Sample Clauses
The 'Underspends' clause defines how unspent funds or resources allocated under a contract are managed at the end of a project or reporting period. Typically, this clause specifies whether the underspent amounts must be returned to the funder, can be reallocated to other approved activities, or may be retained by the recipient under certain conditions. For example, if a project finishes under budget, the clause will clarify if the surplus can be used for additional project work or must be refunded. Its core practical function is to ensure transparency and accountability in financial management, preventing misuse of funds and clarifying expectations for both parties regarding leftover resources.
Underspends. For the Term of the Agreement underspends in the Pooled Fund shall be managed as set out in Schedule 4.
Underspends. Where an underspend in an element of the operational budget, with the exception of ring fenced budgets, arises from specific management action, this will be retained by the Integration Joint Board to either fund additional capacity in-year in line with its Strategic Plan or be carried forward to fund capacity in subsequent years of the Strategic Plan subject to the terms of the Integration Joint Board's Reserves Strategy. Any windfall underspend will be returned to the Parties in the same proportion as individual Parties contribute to joint pressures in that area of spend, as the default position unless otherwise agreed between the Parties.
Underspends. 3.1 Each Partner will have regard to the aims of this Agreement as set out in Clause F of this Agreement in determining how any such underspend on their contribution to the Pooled Fund shall be spent.
Underspends. Whenever an under spend is projected in any Pooled or Non-Pooled Fund the Authorities may agree to the redeployment of that underspend or that the money shall be retained as a contingency in the Pooled or Non-Pooled Funds where the under spending has occurred. In the event that agreement cannot be reached the under spend shall be retained as a contingency in the Pooled Fund.
Underspends. Where an underspend in an element of the operational budget, with the exception of ring fenced budgets, arises from specific management action, this will be retained by the Integration Joint Board to either fund additional capacity in-year in line with its Strategic Plan or be carried forward to fund capacity in subsequent years of the Strategic Plan subject to the terms of the Integration Joint Board's Reserves Strategy. Where any windfall underspend occurs, with the agreement of the Integration Joint Board and the Parties on an individual basis, this will be returned to the Parties in the same proportion as individual Parties’ contribution to investment in that area.
Underspends. The Trust shall make the Council aware of any potential underspends prior to the end of the Financial Year.
Underspends. If an Underspend is achieved in the Pooled Fund, the use of these will be determined by the TCP Partnership Board, however priority should be given to improving community services for the cohort and ensuring that the programme is sustainable for future demand in Health and Social Care for people with a learning disability/autism. The Councils and CCGs have not planned to financially benefit from this programme. Should these arrangements not be extended beyond one year, the surplus shall be apportioned between the Partners pro rata to the value of their respective Financial Contributions [excluding Non-Recurrent Payments] for the Financial Year in respect of which the surplus occurs.
Underspends. The Pooled Fund Manager shall at all times keep the Partners informed of any anticipated under-spend. In the event of an anticipated under-spend the Partners may agree to the redeployment of that under-spend or that the money shall be retained as a contingency in the Pooled Fund. In the event that agreement cannot be reached the money shall be retained as an under-spend.
Underspends. 753 i) In the event that a service is likely to deliver an under spend this will be 754 monitored and reported. At the end of the financial year the under spend will be 755 shared between the partners in the ratio of contributions agreed for the service.
Underspends. Include what will happen if there is underspend in relation to