(A) Obligations are orders placed for property and services, contracts and subawards made, and similar transactions during a given period that require payment by a non-federal entity during the same or a future period.
(B) The following table illustrates when funds are determined to be obligated under any federal agency regulations:
(C) If obligation is for:
(1) Acquisition of property - on the date which the Town Council makes a binding written commitment to acquire the property.
(2) Personal services by an employee of the town - when the service is performed.
(3) Personal services by a contractor who is not an employee of the town - on the date which the town makes a binding written commitment to obtain the services.
(4) Public utility services - when the town receives the services.
(5) Travel - when travel is taken.
(6) Rental of property - when the town uses the property.
(7) A pre-agreement cost that was properly approved by the Secretary under the cost principles in 2 C.F.R. Part 200, Subpart E - Cost Principles - on the first day of the project period.
(Ord. 2023-14, passed 9-26-2023)