Formula [Money and FInance] Law and Legal Definition
Pursuant to 31 USCS § 6101 (Title 31, Money and Finance; Subtitle V, General Assistance Administration; Chapter 61; Program Information), "formula" means “any prescribed method employing objective data or statistical estimates for making individual determinations among recipients of Federal funds, either in terms of eligibility or actual funding allocations, that can be written in the form of either--
(A) a closed mathematical statement; or
(B) an iterative procedure or algorithm which can be written as a computer program;
and from which the results can be objectively replicated, within reasonable limits due to rounding error, through independent application of such statement, procedures, or algorithm, by different qualified individuals.”
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