Limitations on Expenditures of Program Funds Sample Clauses

Limitations on Expenditures of Program Funds. CONTRACTOR shall comply with the Agreement and applicable OMB Circular(s). The Circular defines direct and indirect costs, discusses allowable cost allocation procedures and the development of Indirect Cost Rates, and specifically addresses the allowability of a variety of different costs. If a CONTRACTOR is unsure of the allowability of any particular type of cost or individual cost, the CONTRACTOR should request advance written approval from the COUNTY prior to incurring the cost.

Limitations on Expenditures of Program Funds. (a) Costs associated with the environmental review, program delivery, or property acquisition may be incurred by the Recipient, if authorized by IHCDA. The Recipient must request in writing a “Pre- Award Release of Funds Letter”. However, authorization by IHCDA to incur any costs, including environmental review, program delivery, or property acquisition costs, does not constitute a guarantee that such costs will be paid or reimbursed by the Authority. All costs incurred by the Recipient prior to the execution of the Award and receipt of a “Notice of Release of Funds and Authorization to Incur Costs” from IHCDA, are incurred voluntarily, at the Recipient’s risk, and upon its own credit and expense.

Limitations on Expenditures of Program Funds. (a) Costs associated with the environmental review, program delivery, Application delivery, or property acquisition may be incurred by the Recipient, at its election, prior to the Effective Date. This authorization to incur such costs under the Award, however, does not constitute a guarantee that such costs will be paid or reimbursed by the Authority. All costs incurred prior to the Effective Date are incurred voluntarily, at the risk of the party incurring the cost, and upon its own credit and expense.

Limitations on Expenditures of Program Funds. Costs associated with the environmental review, program delivery, Application delivery, or property acquisition may be incurred by the Recipient, at its election, prior to the Effective Date. This authorization to incur such costs under the Award, however, does not constitute a guarantee that such costs will be paid or reimbursed by the Authority. All costs incurred prior to the Effective Date are incurred voluntarily, at the risk of the party incurring the cost, and upon its own credit and expense. The Recipient acknowledges that the Award is comprised of a series of forgivable loans. The Award is not a grant. Under certain circumstances the Recipient could be obligated to repay Funds. The Program Partner hereby acknowledges that it will be required to execute a demand note memorializing the loan from IHCDA to the Program Partner for each and every individual property in the BEP. The demand note executed by the Program Partner will be modified with a note and mortgage funded by Hardest Hit Funds. The Program Partner will execute the loan modification documents, which will include a note and a mortgage for every property included as part of the Project. The Program Partner hereby acknowledges that it is voluntarily undertaking the obligations described herein including but not limited to the execution of the demand note and loan modification documents. The Recipient hereby acknowledges that it may not execute any loan documents related to the BEP in its own capacity or on behalf of or in lieu of the Program Partner. No Claims for Award funds will be paid without submission of the requisite documentation as set forth in Section 8 herein. Match Funds. There is a match requirement for the Award, which will be calculated as 10% of the amount of the Award actually used by the Recipient. Documentation of eligible match funds must be reported to IHCDA, and contributions of volunteer labor and materials must be documented to be considered for match. Supporting documentation such as receipts or comparable documentation of price of donated materials must also be provided. Volunteer hours must be documented by actual labor hours expended per housing activity at the usual rates of pay for skilled workers or $11 per hour for unskilled workers.