Period of Availability of Federal Funds (H)
This section establishes the fact that, although recipients may receive various Federal awards during their lifespan, the individual Federal grants are awarded for a specified time period, usually one year. Federal regulations prohibit the use of funds from a grant award outside its specified timeframe unless authorized by a Federal agency, and auditors should verify that the recipient expends its grant during that time only. For example, a surplus from a Federal award which starts on January 1, 2006 and ends on December 31, 2006 cannot be used after December 31, because its lifespan has terminated. This surplus must be returned to the Federal agency unless otherwise authorized.
Read more about this topic: Compliance Requirements
Famous quotes containing the words period, availability and/or federal:
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—Don Delillo (b. 1926)
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—Rutherford Birchard Hayes (1822–1893)
“The Federal Constitution has stood the test of more than a hundred years in supplying the powers that have been needed to make the Central Government as strong as it ought to be, and with this movement toward uniform legislation and agreements between the States I do not see why the Constitution may not serve our people always.”
—William Howard Taft (1857–1930)