Common use of Revisions to the Project Budget Clause in Contracts

Revisions to the Project Budget. A revision to the budget may be made without a formal amendment, upon approval from the State, when the proposed revision involves an increase in one category and a corresponding decrease in another, provided, that any such revision meets all of the following criteria: 1. Does not result in the need for additional funds, 2. Does not exceed ten percent (10%) of the current total approved budget and the federal or state funding exceeds $100,000, 3. Does not exceed the current total approved budget, 4. Does not involve a transfer of funds from an authorized capital equipment purchase to another category, 5. Does not involve a transfer of funds from training to another expense category, 6. Does not involve a transfer of funds from construction to a non-construction category, and 7. Does not involve a transfer of funds from a direct to indirect cost category.