Understanding Overmatched Amount [Small Business Development Centers]: Key Insights
Definition & Meaning
The term "overmatched amount" refers to the contributions made by non-Federal sources to the costs associated with Small Business Development Center (SBDC) projects. These contributions can include cash, in-kind donations, and indirect costs that exceed the minimum amount required by law. Essentially, it represents additional financial support that enhances the resources available for SBDC initiatives.
Legal Use & context
In legal practice, the term "overmatched amount" is primarily used in the context of funding and financial management for SBDC projects. It is relevant in areas such as business law and public funding. Understanding this term is crucial for small business owners and organizations seeking to leverage SBDC resources effectively. Users can manage related forms and procedures with the assistance of legal templates provided by US Legal Forms, which are drafted by qualified attorneys.
Real-world examples
Here are a couple of examples of abatement:
Example 1: A local business contributes $10,000 in cash and $5,000 worth of services to an SBDC project, where the statutory requirement is only $8,000. The total overmatched amount in this case is $7,000.
Example 2: A nonprofit organization provides office space valued at $15,000 for an SBDC program, while the required contribution is only $5,000, resulting in an overmatched amount of $10,000. (hypothetical example)