MCFC definition
Examples of MCFC in a sentence
MCFC assesses a scheduled monthly reimbursement that includes compensation costs for the identified team members and certain other non-interest expenses.
For example, MCFC would settle in March based on December, January and February actuals.
The compensation of officers of the Subsidiaries that provide services to MCFC is reimbursed based on the number of hours spent on MCFC business.
This Agreement will be reviewed and a one-year extension will be approved, subject to amendment, by the Boards of Directors of MCFC and the Bank on an annual basis.
In order to ensure the expense for these services does not exceed the expense of a third party, MCFC will monitor compensation and overhead costs for the individuals providing such services compared to the current job market through compensation surveys, as well as utilizing third party cost comparisons for non-compensation related expenses.
The purpose of this Agreement is to document the agreement among MCFC and the Subsidiaries regarding the sharing of expenses among the Parties and the reimbursement to be paid to MCFC by its subsidiaries to compensate MCFC for time spent by its officers and team members in providing services to the Subsidiaries as well as services provided by the Subsidiaries to each other.
The services provided by MCFC and reimbursed by direct cost allocation will not be in excess of the expense charged by a third party to provide similar services.
Each month, MCFC will request reimbursement for certain expenses incurred based on budgeted amounts.
MCFC is organized into responsibility centers (“RCs”) to facilitate the tracking and the allocation of expenses among the Subsidiaries.
Subsidiaries provide services to MCFC as well as to the other Subsidiaries.