ALLOWABLE COST. For Cost Type Contracts :
ALLOWABLE COST. The total cost to NCTCOG for performance of the work under this Contract shall not exceed <<insert written amount ($amount) >> and the CONSULTANT agrees to perform the work specified in Appendix A and all other obligations under this Contract for no more than this cost. NCTCOG shall not be obligated to pay the CONSULTANT any costs in excess of this amount and CONSULTANT shall not be obligated to perform any services specified in Appendix A in excess of this amount except as amended in accordance with Article III. Any compensation due to the CONSULTANT for performance of this Contract must be approved in accordance with Articles V and VI of this Contract and shall be payable only after approval of this project by NCTCOG and receipt of funds from its funding agencies if applicable. There shall be no obligation whatsoever to pay for performance of this Contract from the monies of NCTCOG, except funding specifically obligated for this Contract. The CONSULTANT shall be paid allowable costs as outlined in the Contract Cost Estimate included in Appendix B, for the performance of work under this Contract. Allowable costs are the direct, indirect costs, and fixed fee/profit incurred in or allocable to the performance of the services under this Contract and are the type of charges that would be allowable under 2 Code of Federal Regulations (CFR) 200, “Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.”
ALLOWABLE COST. Applicable Office of Management and Budget (OMB) 2 CFR Part 200, Subpart E – Cost Principles, agency program regulations, and the terms of grant must be followed in determining the reasonableness, allowability, and allocability of costs.
ALLOWABLE COST. Applicable cost principles and Grant terms shall be followed in determining the reasonableness and allowability of costs. An Indirect Cost rate may not be charged against funds provided pursuant to the Compact, as amended.
ALLOWABLE COST. Applicable OMB cost principles, agency program regulations, and the terms of grant award agreement will be followed in determining the reasonableness, allowability, and allocability of costs.
ALLOWABLE COST. The parties agree that the regulations at 2 CFR Part 200 and the terms of this Agreement will govern in determining the reasonableness, allowability, and allocability of costs.
ALLOWABLE COST. A cost, as recorded on the Agreements Financial Plan (Long, Medium, and Short) forms, associated with an agreement, which meets the criteria for authorized expenditures specific in a cost principle methodology. Generally, it meets the cost principle methodology, and is a cost the parties to an agreement intend to charge, and must be: Reasonable for the performance of the award; Necessary and reasonable for proper and efficient performance and administration of the agreement; Consistently treated as either a direct or indirect cost; Generally, determined in accordance with generally accepted accounting principles (GAAP); Net of all applicable credits (that is, less any future rebates from the purchase of goods or services); Separate from a cost or from a cost-sharing/matching requirement of another Federal award or agreement, unless otherwise permitted by Federal law or regulation; Adequately documented; Authorized or not prohibited by Federal, State, or local laws and regulations; Compliant with limits or exclusions on types or amounts of costs, as set forth in relevant Federal laws, agreement terms and conditions, or other governing regulations (examples of such costs include: entertainment, alcohol, and taxes); and,Consistent with the agency’s and cooperator’s internal policies, regulations, and procedures that apply to both Federal awards or agreements and other cooperator activities.
ALLOWABLE COST. Applicable Office of Management and Budget (OMB) cost principles, FTA program regulations, and the terms of the FTA master agreement and grant agreements will be followed in determining the reasonableness, allowability, and allocability of costs. (2 C.F.R. 200) provides guidance on allowable costs for nonprofit organizations. Expenses such as indirect costs or payments to a self- insurance fund must be documented appropriately. Advertising and public relations is permitted for “specific purposes necessary to meet the requirements of the federal award.” Transit marketing and promotion are allowable project costs under these provisions, since transit ridership is the ultimate purpose of the federal grant.
ALLOWABLE COST. Allowable costs shall include both direct and indirect costs incurred by the CONSULTANT which is provided for in Exhibit C – Consultant’s Fee Schedule and subject to the limitations prescribed herein.
ALLOWABLE COST. Total allowable cost of the contract is the sum of allowable direct costs actually incurred in the performance of the contract in accordance with the terms of the contract, plus the properly allowable indirect costs, less any applicable credits. Costs shall be allowed to the extent they are: reasonable as defined in 2 GAR Division 4 § 7101 (d); and allocable, as defined in 2 GAR Division 4 § 7101 (e) and lawful under any applicable law; and not unallowable under 2 GAR Division 4 § 7101(f). In the case of costs invoiced for reimbursement, they shall be actually incurred or accrued and accounted for in accordance with generally accepted accounting principles.
