Attention Local Education Agencies:
Please be advised that the procedures for reporting your 2016 interest accrued on 2016 Federal Completion Reports has been revised. All interest accrued July 1, 2015 – June 30, 2016 must be reported on the Completion Report per grant, regardless of the amount. You will not remit 2016 interest per grant as instructed in prior years.
Per Uniform Grant Guidance CFR 200.305, Interest earned amounts up to $500 per year may be retained by the non-Federal entity for administrative expense. If your accumulative interest earned for all your Federal grants is in excess of 500.00, the amount in excess of $500.00 will need to be returned. Upon approval of all of your 2016 Federal Grant Completion Reports, you will receive a Return of Interest letter indicating the amount of 2016 interest owed to the Arizona Department of Education. You will not be required to return 2016 interest if you do not receive this letter.
Please do not remit your 2016 interest funds unless you have received the return of interest letter.
For questions, please contact Grants Management at grants@azed.gov or on our hotline 602.542.3901.
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