Requesting and Receiving Federal Funds
Who Completes This Task: Accountant
SPPS will not draw advance payments on federal funds. All requests for federal funds shall be on the basis of reimbursement.
- The month’s accounting is completed
- The budget administrator has approved the expenses
- The chief financial officer or the superintendent have deemed the payment necessary
- Send financial activity and request to draw funds to grant budget administrator.
- Receive permission and confirmation of drawdown amount from grant budget administrator.
- Log into the appropriate federal agency system (G5, PMS, etc)
- Request the funds for the grant
- Send an email to Accounts Receivable
- Note the expected sum
- Include the codes to be credited
- Confirm the funds’ receipt, usually by EFT, and verify correct deposit
- The grant budget manager’s email approving expenses must be retained with grant accounting records
- Copies of any forms or documents involved in the request should be retained with the grant accounting records.
Why This is Important
- It’s the law (see CFR Part 200.302 and CFR Part 200.305)
- It prevents disbursement that can lead to accruing interest on federal funds
- Allows the grant manager and accountant to review expenses before officially using federal funds
- Provides an opportunity for adjustments to budget
- Functions as an internal control