Ill. Admin. Code tit. 23, 2735 app A - Advance Payment Formula

Current through Register Vol. 46, No. 15, April 8, 2022

a) The formula abbreviations are as follows:

1) ATA = Announced Term Awards

2) ADV = Average Dollar Value of ATA

3) CT = Current Term

4) DA = Dollars Advanced

5) FY = Fiscal Year

6) PFY = Previous Fiscal Year

7) RR = Retention Rate

8) %AD = Percentage Advanced

b) The advanced payment formula established at Section 2735.50 may be demonstrated as follows:

[(ATA x RR) x %AD] x ADV = DA

c) Sample Award History:

Announced Awards

Awards Claimed

RR

FYA: 6,050

3,063

.51

FYB: 5,271

3,214

.61

FYC: 5,001

2,313

.46

FYD: 3,333

1,619

.49

PFY: 3,468

1,285

.37

Five year average RR: .49

Total Dollars Announced

Total Dollars Claimed

RR

PFY: $1,245,568.00

$383,647.50

.31

CT ATA: 859

CT ADV: $403.27

%AD: .75

d) Sample Calculation:

1) [(859 x .31) x .75] x 403.27 = DA

2) (266.29 x .75) x 403.27 =

3) 199.718 x 403.27 =

4) DA = $80,540.28

Notes

Ill. Admin. Code tit. 23, 2735 app A
Amended at 22 Ill. Reg. 11149, effective July 1, 1998

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