2020-08-26 CC Packet - Laserfiche WebLink

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2.What records must be kept by governments receiving payment? A government should keep records sufficient to demonstrate that the amount of Fund payments to the government has been used in accordance with section 601(d) of the Social Security Act. 3.May recipients deposit Fund payments into interest bearing accounts? Yes, provided that if recipients separately invest amounts received from the Fund, they must use the interest earned or other proceeds of these investments only to coverexpenditures incurred in accordance with section 601(d) of the Social Security Act and the Guidance on eligible expenses.If a government deposits Fund payments in a government’s general account, it may use those funds to meet immediate cash management needs provided that the full amount of the payment is used to cover necessary expenditures. Fund payments are not subject to the Cash Management Improvement Actof 1990, as amended. 4.May governments retain assets purchased with payments from the Fund? Yes, if the purchase of the asset was consistent with the limitations on the eligible use of funds provided by section 601(d) of the Social Security Act. 5.What rules apply to the proceeds of disposition or sale of assetsacquired using payments from the Fund? If such assets are disposed of prior to December 30, 2020, the proceeds would be subject to the restrictions on the eligible use of payments from the Fund provided by section 601(d) of the Social Security Act. 6.Are Fund payments to State, territorial, local, and tribal governments considered grants? No. Fund payments made by Treasury to State, territorial, local, and Tribal governments are not considered to be grants but are “other financial assistance” under 2 C.F.R. § 200.40. 7.Are Fund payments considered federal financial assistance for purposes of the Single Audit Act? Yes, Fund payments are considered to be federal financial assistance subject to the Single Audit Act (31 U.S.C. §§ 7501-7507) and the related provisions of the Uniform Guidance, 2 C.F.R. § 200.303 regarding internal controls, §§ 200.330 through 200.332 regarding subrecipient monitoring and management, and subpart F regarding audit requirements. 8.Are Fund payments subject to other requirements of the Uniform Guidance? Fund payments are subject to the following requirements in the Uniform Guidance (2 C.F.R. Part 200): 2 C.F.R. § 200.303 regarding internal controls, 2 C.F.R. §§ 200.330 through 200.332 regarding subrecipient monitoring and management, and subpart F regarding audit requirements. 9.Is there a Catalog of Federal Domestic Assistance (CFDA) number assigned to the Fund? Yes. The CFDA number assigned to the Fund is 21.019. 11