Easily Replace Amount Field from the Funding Agreement

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How to Replace Amount Field from the Funding Agreement

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good afternoon everyone thank you for joining us its a very rainy friday i know we all have some big plans uh todays webinar weve got about 40 minutes planned for you and a few extra minutes at the end to answer your questions and i just want to encourage you and invite you to use that chat window and to type your questions in were going to be taking note of all those questions and well get to them all together as a group at the end of the presentation also if youre having any type of issues or uh hearing us or you want to revisit this webinar it is being recorded and were going to have that posted on cc info.unc next week so let me go ahead and start off with some introductions my name is kelly huggins im with connect carolina change management and i am joined ive got a full house here joined by chris lawless financial business systems analyst robin burke she is our business systems manager dave turner our hr business analyst and our producer today chris minter also part of o

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What is the difference between committed and obligated?

Whats the difference between commitments and obligations? A commitment is something you agree to do or choose to engage in. An obligation arises out of you choosing to commit to something. An obligation is something that youre obliged to do; you feel you have to out of a sense of duty because you said you would.

What is required for changes to or the addition of contract financing after award?

Adequate new consideration is required for changes to, or the addition of, contract financing after award. (b) Amount of new consideration. The contractor may provide new consideration by monetary or nonmonetary means, provided the value is adequate.

What are the things to be done after awarding contract?

What to Do After Youve Been Awarded a Government Contract Read the Contract (and Read It Again) Verify Compliance. Prepare Yourself. Resolve Disputes.

What information should be provided in addition to the contracting officers signature oncontracts and modifications?

(1) Include the contracting officers telephone number and, when available, e-mail/Internet address on contracts and modifications. (2) The contracting officer may sign bilateral modifications of a letter contract before signature by the contractor.

What does obligated mean in finance?

Understanding Obligation Financial obligations represent any outstanding debts or regular payments that a party must make. For example, if you owe or will owe money to anybody, that is one of your financial obligations. Almost any form of payment or financial security represents a financial obligation.

What type of modification is used to make an administrative change to a contract?

A unilateral modification (change order) may be used to: Make administrative changes. Issue change orders under a contract change or other clause.

What is the difference between funding and contract value?

To the Finance/Accounting people, the amount available to be spent is the Funded Value. To Business Development, the Contract Value is the amount they want their bonus based on for the win.

What does obligation of federal funds mean?

An obligation of funds is a legal liability to disburse funds immediately or at a later date as a result of a series of actions.

What is the difference between committed and obligated funds?

An easy way to think of the difference between the commitment and obligation of funds is to know that all funds must be committed in the service, or agency, accounting system (i.e. CCaR for the Air force, GFIBS for the Army, Navy ERP for the Navy, etc.)

What is the obligated amount of a contract?

Obligated amounts are the funds authorized by the sponsor for a particular period of time.

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