Corporation's Response: 1. The amount undisbursed, $15,000, was notified to the Project of awareness that we intend to return it as soon as possible. We will be contacting the Awarding Agency Officer to allow us the specific instructions for returning funds through the Payment Management System (PMS...
Corporation's Response: 1. The amount undisbursed, $15,000, was notified to the Project of awareness that we intend to return it as soon as possible. We will be contacting the Awarding Agency Officer to allow us the specific instructions for returning funds through the Payment Management System (PMS) following the agency's refund rules. Also, we have procedures to determine whether any interest earned in the advance must be remitted under 2 CFR§ 200.305(b)(9). 2. We have developed and implemented written cash management procedures to ensure that advance requests are limited to immediate cash needs and each of them is backed by paid invoices. 3. A monthly reconciliation is done for each of the funds, comparing federal disbursements with actual disbursements to avoid excessive requests for unused funds. 4. Constant monitoring has been established. Analyses are carried out of the approved and used budget. This analysis is done by someone who doesn’t handle payments, for the segregation of duties and supervision and the senior management does reviews to make sure everything gets done on time. 5. A formal training program on federal award requirements has been developed and implemented for all staff involved in administration, financial management, procurement, and reporting of federal awards. PR CONCRA management traces all CFR 200-related training and federal fund management training for the staff who can attend or participate in these seminars virtually.