text: Travel on official business Costs of travel taking place in the current year and travel that commences before the end of the current year, but extends into the next year; Subcontract8 Payments falling due in the current year according to the term8 of the contract or payment schedule; Fellowships Coat of the fellowship from the anticipated date of commencement of study, or 1 January of the current year to completion of study, or 31 Dect ber of the current year, whichever ir earlier! Group training Full cost cf any training activity held in the currsnr year, or beginning in the current year and ending in the next yeart -163- Equipment Full aost of contractual agreement or firm order placed with the supplier prior to the end of the current year up to the amount provided in the current year's budget; Miscellaneous Costs of events occurred (for example, hospitality), goods or services delivered or firm orders placed for delivery in the current year. Commitments may be incurrerd in the current year against future years' budgets. These are recorded as forward commitments and reflected in a footnote to the statement of assets and liabilities (statement II). Certain flexibility provisions may be applied to expenditure. In any given year, expenditure may exceed an approved project budget for that year by $20,000 or 4 per cent thereof, whichever is the higher, provided the executing agency does not incur overall expenditures for that year in excess of 2 per cent of the total allocations made to it. In addition, executing agencies are also authorieed, for an experimental period for three years, beginning 1 July 1907, to record obligations in the current year up to 20 per cent of the project budget of th8 following year. (c) E;xchanne rates. Voluntary contributions received from Governments are translated into United 
analysis: The text appears to be discussing financial reporting and budgeting for various types of expenditures, including travel, equipment, and miscellaneous costs. The language used suggests a government or organizational setting, and the focus is on financial management rather than a specific sector or industry. The text mentions "executing agencies" and "project budgets," which implies a context of government-funded projects or initiatives.