§2735.APPENDIX A. Advance Payment Formula

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

 

(Source:  Amended at 22 Ill. Reg. 11149, effective July 1, 1998)