For every Grant, there can be one or more contract terms.   Contract Terms are also known as Grant Periods. They represent a Grant funding source for a specific time period.  For example, the United Way grant (47-UWC) might use the same funding code for 5 years, but behind the scenes, be part of 5 separate similar contracts with terms of one year each.  

1. A Contract Term must have:

• Start and End Date (Effective dates of the contract)
• Amount Awarded
• Spend Down Amount (Contract Term Allocation)

2. A Contract Term may optionally:

• Be Amended as necessary (audit trail)
• Have Contract Term Goals (see below)

3. How Contract Term Spend Down amounts are calculated:

The Spend Down amount for the term is calculated using the timeslips with dates in the Contract Term.  Elements AGM considers in this calculation are:

• Date of Service
• The Duration (sub-row) of the time record using the contract term
• Employee Hourly Rate
• “Chargeable” Time (vs. uncharged time)

4. Goals (Contract Term Goals)
Goals are used to display progress toward your goal for a given contract term.  They are entered on the Grant Goal Input Screen.