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6 hours ago Bona Fide Need. The three major fiscal law provisions that concern funds execution are the Anti-deficiency Act, Purpose Statute (also known as the "Misappropriation Act"), and the Bona Fide Need Rule (also known as the “time statute”). US Code, Title 31, Section 1502 (a) states that, "The balance of an appropriation or fund limited for

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1 hours ago The Bona Fide Need rule ( 31 USC, Section 1502) requires appropriated funds to be used only for goods and services for which a need arises during the period of that appropriation’s availability for obligation. Definition: The bona fide needs rule is a rule of appropriations law. It mandates that a fiscal year’s appropriations only be

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4 hours ago The bona fide needs rule has a statutory basis. As noted in Chapter 1, the first general appropriation act in 1789 made appropriations “for the service of the present year,” and this concept continues to this time. This “one-year” concept is also reflected in 31 U.S.C. § 1502(a), sometimes called the “bona fide needs statute.”

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3 hours ago law; and accepting voluntary services unless authorized by law. Additional restrictions include: only using an appropriation for its intended purpose and, for appropriations made for a definite period (e.g., two-year funds), only using the appropriation for expenses and obligations properly incurred during that time (―bona fide needsrule).

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21.086.417Just Now

1. Over a century ago, the Comptroller of the Treasury stated, An appropriation should not be used for the purchase of an article not necessary for the use of a fiscal year in which ordered merely in order to use up such an appropriation. 8 Comp. Dec. 346, 348 (1901). The bona fide needs rule is one of the fundamental principles of appropriations law: A fiscal year appropriation may be obligated only to meet a legitimate, or bona fide, need arising in, or in some cases arising prior to but continuing to exist in, the fiscal year for which the appropriation was made. Citations to this principle are numerous. See, e.g., 33 Comp. Gen. 57, 61 (1953); 16 Comp. Gen. 37 (1936); B-289801, Dec. 30, 2002; B-282601, Sept. 27, 1999; B-235678, July 30, 1990.

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7 hours ago The bona fide needs rule provides that an appropriation limited to obligation for a definite period may be obligated only to meet a legitimate or bona fide need arising during the period of availability of the appropriation. 31 U.S.C. sect. 1502(a); B-289801, Dec. 30, 2002.

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9 hours ago Real Estate Settlement Fees: Conditional Exclusions §Real estate settlement costs • Costs described in the Truth in Lending finance charge rule 1026.4(c)(7) o Title-related charges, appraisal fees, credit report fees, and document preparation fees, etc §To be excluded, the fees must meet 3 conditions: 1. Reasonable 2. Without direct or indirect compensation to the …

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5 hours ago Fiscal Law. STUDY. Flashcards. Learn. Write. Spell. Test. PLAY. Match. Gravity. Created by. vinnievan. Terms in this set (13) What is the bona fide needs rule. supplies or services must be intended for a genuine, "bona fide" need in the FY of appropriations being used current year money for a current year need. What are the exceptions to the

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Just Now Generally, orders for supplies need to meet the bona fide need of the period (or year) for which funds were appropriated. If the supplies are needed in a given year the funds need to come from that same year. (DOD FMR Vol. 3 Ch. 8, pg 8-11 and 8-12) (Red Book, Ch.5 Sec B).

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3 hours ago In accordance with the 1987 clarification and the following interpretation, in 1991 the Commission staff granted a bona fide hedge exemption to a swap dealer who was seeking to manage price risk on its books as a result of swaps it planned to enter into with various investors seeking exposure to commodity indexes.

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8 hours ago 1 The bona fide needs rule is a fiscal “time” rule that requires both the timing of the obligation and the bona fide need to be within the fund’s period of availability. DoD FMR, Vol. 3, Ch. 8, para. 080303. 2 Current Appropriation. An appropriation that is still available for new obligations under the terms of the applicable

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Just Now III. THE BONA FIDE NEEDS RULE 7 A. THE BONA FIDE NEED B. Contract Modifications Affecting Price 30 C. Bid Protests A definite act that creates a legal liability on the part of the government for the payment of goods and services ordered or received, or a legal

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8 hours ago Upon to one bona fide discount if the loan's interest, without any discount, does not exceed the APOR by more than 2%. The math above seems easy enough, but the real problem lies in the definition of "bona fide" in the QM Rule. According to Section 1026.32(b)(3)(i), bona fide discount point means:

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6 hours ago This video provides a fundamental understanding of the Bona-Fide Needs Rule and how it is applied to a program. Tags. statutes (laws) payment transactions fiscal …

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7 hours ago This bedrock of appropriations law is commonly referred to as the bona fide needs rule. When contracting for services, in order to comply with the bona fide needs rule, an agency must first determine whether the services are nonseverable or severable. B-277165; 71 Comp. Gen. 428, 429 (1992).

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2 hours ago Bona Fide need, proper purpose of appropriated funds and anti-deficiency issues must carefully be considered before adding such a requirement to the contract. Contractor personnel (excluding fixed-price contracts) work billable hours tied to the contract performance requirements.

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9 hours ago § 240.16b-5 Bona fide gifts and inheritance. Both the acquisition and the disposition of equity securities shall be exempt from the operation of section 16(b) of the Act if they are: (a) Bona fide gifts; or (b) transfers of securities by will or the laws of descent and distribution .

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7 hours ago An agency’s compliance with the bona fide need rule is measured at the time the agency incurs an obligation, and depends on the purpose of the transaction and the nature of the obligation being entered into. 61 Comp. Gen. 184, 186 (1981) (bona fide need determination depends upon the facts and circumstances of the particular case).

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4 hours ago Part 11 - Describing Agency Needs: Subpart 11.1 - Selecting and Developing Requirements Documents: Subpart 11.2 - Using and Maintaining Requirements Documents: Subpart 11.3 - Acceptable Material: Subpart 11.4 - Delivery or Performance Schedules: Subpart 11.5 - Liquidated Damages: Subpart 11.6 - Priorities and Allocations: Subpart 11.7

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1 hours ago for practitioners under both the current rule and the proposed change. The Current Rule and ACPE Opinion 718/CAA Opinion 41 The rule is found at New Jersey Court Rule 1.21-1(a), and states that every attorney who currently practices law in New Jersey must have a bona fide office, which is defined as: a plc ew hr int sm ,f k o

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1 hours ago bona fide need that has continued from the original contract, and the replacement contract shall be awarded on the same basis and be similar substantially to the original contract in its scope and size. 080304. Specific Guidelines for Determining Scope of Work Changes A. Responsibilities for Making Determinations. The contracting officer is

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5 hours ago The Bona Fide Need for supplies exists when: The Government actually will be able to use such item(s) The Government obligates the appropriated fund. The funds are presumed to be available. Both a and c . The Bona Fide Needs for severable services pertains to the: Period in which they will be performed but not later than 1 Oct of the obligated

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(708) 357-33179 hours ago The National Law Review - National Law Forum LLC 4700 Gilbert Ave. Suite 47 #230 Western Springs, IL 60558 Telephone (708) 357-3317 or toll free (877) 357-3317. If you would ike to contact us via

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7 hours ago Participant Resource: Bona Fide Need Examples Bona Fide Need Not Met: Example #1 Agency XYZ submitted an RWA to GSA in late FY 2008 in the amount of $1,000,000 for alterations to the third floor of the Miles Federal Building. The purpose was to …

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1 hours ago CMS’s definition of bona fide services has a long and tortured history which we discussed here in the context of the 2012 Proposed Rule. One recurring issue has been the scope of the definition – specifically, whether bona fide service fees include fees paid to any type of entity or whether they apply only to a narrow subset of entities.

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3 hours ago We first review the Bona Fide Needs Rule of 2014. The bona fide needs rule is a rule of appropriations law. It mandates that a fiscal year's appropriations be obligated only to meet a legitimate—or bona fideneed arising in (or sometimes before) the fiscal year for which the appropriation was made. This an important concept because of its mandate by appropriations …

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8 hours ago What is the bona fide needs rule, explain its applicability to funding federal contracts for goods and services, and discuss how the bona fide needs rule and independent government cost estimates can work together in helping an agency reconcile its budget. Can you give a potential example of the rule in use/practice.

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3 hours ago Bona fide discount points may be excluded from the points and fees calculation as permitted by the QM rule.. Bona fide discount points defined For purposes of clause (ii), the term "bona fide discount points" means loan discount points which are knowingly paid by the consumer for the purpose of reducing, and which in fact result in a bona fide reduction of, the interest rate or …

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4 hours ago Content and media associated with Bona fide need.

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3 hours ago May 11, 2011 at 12:00 AM. 1 minute read. The New Jersey Supreme Court should overrule the bona fide office rule, which requires attorneys to maintain an office where a responsible person is

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8 hours ago The trial court determined from the undisputed facts that plaintiff's action was not commenced [38 Cal. 2d 122] within the time allowed by applicable legislation enacted in 1945, and that defendants, as bona fide purchasers for value, took title to the property free from the alleged lien. Accordingly, judgment was entered for defendants, and

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5 hours ago Bonafide Law is a premium unisex streetwear brand that speaks to the authentic, real, and genuine individual. The goal is to encourage our brothers and sisters to always seek knowledge, be true to themselves and true to their style. Neglecting the God within you, your aspirations, mind, body and soul serves as a dishonor to self.

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1 hours ago VIRTUAL LAW OFFICES AND THE BONA FIDE OFFICE REQUIREMENT by Charles Slanina Delaware has a bonafide law office requirement.Although the applicability of that requirement is unclear, the definition of a bona fide law office casts doubt on whether a virtual law office (VLO) without any other Delaware presence is acceptable.

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9 hours ago The rule announced in Union Oil is that a bona fide consignment, regard-less of how lawful it may be between the contracting parties, may still contravene the policy of the Federal Antitrust Acts. In such instances the Court will not recognize the agreement as a consignment but will interpret it to be a sale.

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8 hours ago A bona fide occupational qualification is a requirement that an applicant must be able to meet in order to do a job. Certain laws, such as the Civil Rights Act of 1964 , allow employers to legally discriminate against an applicant based on a job’s bona fide occupational qualifications, so long as their discrimination is “reasonably

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468-2230.19734 hours ago bona fide purchaser of a legal estate for value without notice actual, constructive or imputed. The onus was on the purchaser to establish himself as such; and it was a heavy burden to discharge.2 1 See e.g. the liberal construction of the Law of Property Act 1925, 88. 34 end 36 in Bull V. [1955 1 Q.B. 234: Re Buchanan-Wollaston’s

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Just Now St. John's Law Review Volume 7 Number 2 Volume 7, May 1933, Number 2 Article 1 Value and the Doctrine of Bona Fide Purchase Frederick A. Whitney Follow this and additional works at: https://scholarship.law.stjohns.edu/lawreview This Article is brought to you for free and open access by the Journals at St. John's Law Scholarship Repository. It

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2 hours ago Bona fide is Latin for “in good faith” or without any deceit or fraud. When looking at the law, something being bona fide is most often related to contract law. The law requires all parties in a contract to act in a bona fide manner. If a party has failed to do so, the contract can potentially be voided at the pleasure of the other party.

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Just Now United States occur. This concept has two parts: (1) “bona fide” or “good faith” sales and (2) sales of merchandise for exportation to the United States. If it is shown that both (1) a bona fide sale and (2) a sale for exportation of the merchandise to the United States occurred, this component of transaction value is satisfied. 5.

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7 hours ago may have violated the bona fide needs rule by improperly using unexpended funds for PYs 2011, 2012, and 2013 for the needs of PYs 2012, 2013, and 2014, respectively. The bona fide needs rule prohibits agencies from obligating funds for the purchase of services delivered outside the time period for which the funds were originally designated.

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4 hours ago Furthermore, discuss how the bona fide needs rule and independent government cost estimates can work together in helping an agency reconcile its budget. The bona fide needs rule is a rule of appropriations law, it mandates that a fiscal year’s appropriations be obligated only to meet a legitimate, or bona fide, need arising in (or sometimes

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21.086.4175 hours ago

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9 hours ago This week we will focus on the popular, yet oft-mistaken, bona fide purchaser exception and the all appropriate inquiries rule (AAI rule) under CERCLA. In purchasing property, a buyer will conduct an assessment to determine whether a parcel (or property connected to an entity being acquired) has potential environmental contamination concerns

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8 hours ago To remain free from any intent on the part of the donor, the transfer cannot be spurred from a place or love or affection, or any other motive that would prompt the giving of a gift. If you need help with a bona fide offer legal definition, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of

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7 hours ago Search Total Topics to Date: 990 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A – 5 Steps in the Research Process – 10 U.S.C. 2273 – Policy Regarding

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6 hours ago Bona fide employee, as used in this clause, means a person, employed by a contractor and subject to the contractor's supervision and control as to time, place, and manner of performance, who neither exerts nor proposes to exert improper influence to solicit or obtain Government contracts nor holds out as being able to obtain any Government contract or contracts through …

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Frequently Asked Questions

What is the bona fide needs rule?

Definition: The bona fide needs rule is a rule of appropriations law. It mandates that a fiscal year’s appropriations only be obligated to meet a legitimate—or bona fide—need arising in (or sometimes before) the fiscal year for which the appropriation was made The three (3) major legal provisions that concern funds execution are the:

Does a multiple year appropriation violate the bona fide needs rule?

Consequently, an agency using a multiple year appropriation would not violate the bona fide needs rule if it enters into a severable services contract for more than 1 year as long as the period of contract performance does not exceed the period of availability of the multiple year appropriation.

Does the bona fide needs rule apply to cost reimbursement contracts?

The bona fide needs rule applies to cost-reimbursement contracts, just as it does to other contract types. An agency may use a cost-reimbursement contract to procure severable services that cross fiscal years if done in conjunction with multiyear contracting authority, such as section 3903.

What is a bona fide offer legal definition?

A bona fide offer legal definition involves preemptive rights commonly used by real estate lawyers. You'll find these in a number of different contexts, including office and retail leases, residential condos and co-ops, ground leases, planned communities, joint ventures, and franchise agreements.

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