“…paid on a 1/12 basis” means that the academic year salary amount will be paid out over twelve months. For the initial pay period from July 1st through July 31st, the payment will be made on August 1st; and for the final pay period from June 1st through June 30th, the payment will be made on July 1st. Note that the monthly payments may not necessarily be equivalent due to variable appointment percentages by term.