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Lapsed fund
LAPSED FUND

Definition: (economics) In the federal budget, unobligated budget authority that by law has ceased to be available for obligation because of the expiration of the period for which it was available.
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* All six elements would be in.


1. Reason(s) will be cogent: inadequate time, poor appropriation, etc.

2. Unavailability will not have a negative impact on economic growth.

3. Virement to another head or subhead, would not have been possible.

4. Project will be fully provided for in the following budget period.

5. An expiration of time will not happen afresh in the second period.

6. (Reserved.) (Accounting for 'shortage' will be rightly reflected.)
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See perfect CREATIVE ACCOUNTING.
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See perfect FINANCIAL YEAR.
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See perfect CORPORATE GOVERNANCE.

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