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� . <br /> , ' <br /> under this Agreement, has satisfied the Government that it <br /> needs the requested Federal funds during the requisition <br /> period, and is making adequate and timely progress toward <br /> � Project completion. If all these circumstances are present, <br /> the Government may reimburse apparent allowable costs <br /> incurred (or to be incurred during the requisition period) by <br /> - the Recipient up to the maximum amount of Federal funds <br /> payable through the fiscal year in which the requisition is <br /> submitted, as stated in the Project Budget. <br /> c. Allowable Costs. The Recipient's expenditures will be <br /> reimbursed if they meet all requirements set forth below: <br /> (1) Conform with the Project Description and the <br /> Approved Project Budget and all other terms of this <br /> Agreement; <br /> (2) Be necessary in order to accomplish the Project; <br /> (3) Be reasonable for the goods or services purchased; � <br /> (4) Be actual net costs to the Recipient (i.e. , the <br /> price paid minus any refunds, rebates, or other items of <br /> value received by the Recipient that have the effect of <br /> reducing the cost actually incurred, excluding Program <br /> Income) ; <br /> (5) Be incurred (and be for work performed) after the <br /> date of this Agreement, unless specific authorization from <br /> the Government to the contrary is received; <br /> (6) Unless permitted otherwise by Federal statute or <br /> regulation, conform with Federal guidelines or regulations <br /> and Federal cost principles as set forth below: <br /> (a) For Recipients that are governmental <br /> organizations, the standards of ONID Circular A-87, Revised, <br /> "Cost Principles for State and Local Governments" apply; <br /> (b) For Recipients that are institutions of higher <br /> education, the standards of ONID Circular A-21, Revised, "Cost <br /> Principles for Educational Institutions" apply; <br /> (c) For Recipients that are private nonprofit <br /> organizations, the standards of ONID Circular A-122, Revised, <br />' "Cost Principles for Nonprofit Organizations" apply; <br /> (d) For Recipients that are for-profit _ <br /> organizations, the standards of the Federal Acquisition <br /> Regulation, 48 C.F.R. Chapter I, Subpart 31.2, "Contracts <br /> with Commercial Organizations" apply; <br /> Pa e 11 <br /> g <br />