![]() pay out grant funds for project activities as soon as it is practical to do so after receiving cash from the Department.plan carefully for cash flow in your grant project during the budget period and review project cash requirements before each drawdown and.monitor the fiscal activity (drawdowns and payments) under your grant on a continuous basis.take into account the need to coordinate the timing of drawdowns with prior internal clearances (e.g., by boards, directors, or other officials) when projecting immediate cash needs so that funds drawn down from ED do not stay in a bank account for extended periods of time while waiting for approval.In order to meet these requirements, you are urged to: return to the Government the interest earned on grant funds deposited in interest-bearing bank accounts except for a small amount of interest earned each year that your entity is allowed to keep to reimburse itself for administrative expenses).keep to the minimum the time between drawing down the funds and paying them out for grant activities and.draw down only as much cash as is necessary to meet the immediate needs of the grant project.You are receiving this memorandum to remind you of Federal requirements, found in 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements, regarding cash drawdowns under your grant account.įor any cash that you draw from your Department of Education grant account, you must: December 2014 Memorandum to ED Discretionary Grantees ![]()
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