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:
“Finally she grew quiet, and after that, coherent thought. With this, stalked through her a cold, bloody rage. Hours of this, a period of introspection, a space of retrospection, then a mixture of both. Out of this an awful calm.”
—Zora Neale Hurston (1891–1960)
“Since ... six weeks ago, there has been no day in which I have not had letters and visits on the subject of my nomination for the Presidency.... I say very little. I have in no instance encouraged any one to work to that end.... I have said the whole talk about me is on the score of availability. Let availability do the work then.”
—Rutherford Birchard Hayes (1822–1893)
“Newsmen believe that news is a tacitly acknowledged fourth branch of the federal system. This is why most news about government sounds as if it were federally mandated—serious, bulky and blandly worthwhile, like a high-fiber diet set in type.”
—P.J. (Patrick Jake)