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§200.345 Post-closeout adjustments and continuing responsibilities <br /> (a) The closeout of a Federal award does not affect any of the following: <br /> (1)The right of the Federal awarding agency or pass-through entity to disallow costs and <br /> recover funds on the basis of a later audit or other review. The Federal awarding <br /> agency or pass-through entity must make any cost disallowance determination and <br /> notify the non-Federal entity within the record retention period. <br /> (2) The obligation of the non-Federal entity to return any funds due as a result of later <br /> refunds, corrections, final indirect cost rate adjustments (unless the Federal award in <br /> closed in accordance with § 200.344(h)), or other transactions. <br /> �200.346 Collection of amounts due <br /> Any funds paid to the non-Federal entity in excess of the amount to which the non-Federal <br /> entity is finally determined to be entitled under the terms of the Federal award constitute a <br /> debt to the Federal Government. The Federal agency must collect all debts arising out of its <br /> Federal awards in accordance with the Standards for the Administrative Collection of Claims <br /> (31 CFR part 901). <br /> 2. By signing this agreement, the organization acknowledges the accuracy of its contents (e.g. <br /> fiscal periods, rates, allocation base, enclosed Statement of Allocated Costs by Grant ID for <br /> cost allocation plans, etc.). <br /> 3. Fringe benefits include the following: FICA, state unemployment insurance, worker's <br /> compensation, and medical insurance. <br /> 4. Equipment is defined as tangible personal property (including information technology <br /> systems) having a useful life of more than one year and a per-unit acquisition. The <br /> capitalization threshold for equipment is $1,000. <br /> INTENTIONALLY LEFT BLANK *** <br /> 5of6 <br />