|The School Board of Miami-Dade County|
|Bylaws & Policies|
|Unless a specific policy has been amended and the date the policy was revised is noted at the bottom of that policy, the Bylaws and Policies of the Miami-Dade County Public Schools were adopted on May 11, 2011 and were in effect beginning July 1, 2011.|
6112 - CASH MANAGEMENT OF GRANTS
In order to provide reasonable assurance that all assets, including Federal, State, and local funds, are safeguarded against waste, loss, unauthorized use, or misappropriation, the Superintendent shall implement internal controls in the area of cash management.
Payment methods shall minimize the time elapsing between the transfer of funds from the United States Treasury or the Florida Department of Education (FLDOE) (pass-through entity) and disbursement, regardless of whether the payment is made by electronic fund transfer, or issuance or redemption of checks, warrants, or payment by other means.
The forms and procedures required by the grantor agency or pass-through entity to request payment shall be used. Grant funds payments shall be requested in accordance with the provisions of the grant.Additionally, the School Board’s financial management systems shall meet the standards for fund control and accountability as established by the awarding agency.
The Superintendent is authorized to submit requests for advance payments and reimbursements at least monthly when electronic fund transfers are not used, and as often as deemed appropriate when electronic transfers are used, in accordance with the provisions of the Electronic Fund Transfer Act (15 U.S.C. 1693-1693r).
When a cash advance payment method is used, the following standards shall apply:
|A.||The timing and amount of the advance payment requested will be as close as is administratively feasible to the actual disbursement for direct program or project costs and the proportionate share of any allowable indirect costs.|
|B.||Timely payment shall be made to contractors in accordance with contract provisions.|
|C.||To the extent available, funds must be disbursed from program income (including repayments to a revolving fund), rebates, refunds, contract settlements, audit recoveries, and interest earned on such funds before requesting additional cash payments.|
|D.||Receipt, obligation, and expenditure of funds shall be accounted for appropriately.|
|E.||Advance payments shall be deposited and maintained in insured or collaterized accounts whenever possible.|
|F.||Advance payments shall be maintained in interest bearing accounts.|
|G.||Pursuant to Federal law and regulations, interest earned may be retained in an amount up to $500 per year for administrative costs. Any additional interest earned on Federal advance payments deposited in interest-bearing accounts must be remitted annually to the granting agency.|
2 C.F.R. 200.305
© Neola 2016