afg account #

[djm7881]

Our treasurer wants the money deposited into the savings account to draw interest on it.

Will this fly with the feds?

[BC79er]

No. Any money deposited into your account must be spent within 30 days to avoid interest accrual.

If you do end up making any money on any of the fed share of the grant money through discounts, interest, or any other means then it must be declared as additional federal share and you end up matching more than originially planned. Don't ask for the money to be transferred unless it will be given to the vendor within 2 weeks of arrival to avoid all problems.

- Brian

[onebugle]

If you earn interest (federal share) it will have to be reported on the closeout report. If the interest earned exceeds thresholds ($150 municipalities, $250 non-profits don't hold me to these exact figures) you will have to return the difference. Additionally, you will have to explain why interest acrued.

[djm7881]

Thanks, our treasurer is a pain in the A$$ and like sticking her nose in our business.

[AFD2181]

Dude,

Explain to your tresasuer that his or her name is on the 11-99, and then show him/her the section about interest.

Then tell em to set up a seperate grant account to allow you to properly manage the funds

[ktb9780]

Dude,

Explain to your tresasuer that his or her name is on the 11-99, and then show him/her the section about interest.

Then tell em to set up a seperate grant account to allow you to properly manage the funds

...from the voice of expereince eh Chris? ;)