Ill. Admin. Code tit. 23, pt. 2735, app A
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
Ill. Admin. Code tit. 23, pt. 2735, app A