[Code of Federal Regulations]

[Title 34, Volume 1]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 34CFR74.52]



[Page 124-125]

 

                           TITLE 34--EDUCATION

 

PART 74_ADMINISTRATION OF GRANTS AND AGREEMENTS WITH INSTITUTIONS OF 

 

                    Subpart C_Post-Award Requirements

 

Sec. 74.52  Financial reporting.



    (a) The following forms or other forms as may be approved by OMB are 

authorized for obtaining financial information from recipients.

    (1) SF-269 or SF-269A--Financial Status Report. (i) Recipients are 

required to use the SF-269 or SF-269A to report the status of funds for 

all nonconstruction projects or programs. The Secretary may not require 

the SF-269 or SF-269A when, the Secretary determines that SF-270--

Request for Advance or Reimbursement, or SF-272--Report of Federal Cash 

Transactions--provides adequate information to meet the Department's 

needs, except that a final SF-269 or SF-269A is required at the 

completion of the project when the SF-270 is used only for advances.

    (ii) The Secretary prescribes whether the report is on a cash or 

accrual basis. If the Secretary requires accrual information and the 

recipient's accounting records are not normally kept on the accrual 

basis, the recipient is not required to convert its accounting system, 

but shall develop accrual information through best estimates based on an 

analysis of the documentation on hand.

    (iii) The Secretary determines the frequency of the Financial Status 

Report for each project or program, considering the size and complexity 

of the particular project or program. However, the report is not 

required more frequently than quarterly or less frequently than 

annually. A final report is required at the completion of the agreement.

    (iv) The Secretary requires recipients to submit the SF-269 or SF-

269A (an original and no more than two copies) no later than 30 days 

after the end of each specified reporting period for quarterly and semi-

annual reports, and 90 calendar days for annual and final reports. 

Extensions of reporting due dates may be approved by the Secretary upon 

request of the recipient.

    (2) SF-272--Report of Federal Cash Transactions. (i) When funds are 

advanced to recipients the Secretary requires each recipient to submit 

the SF-272 and, when necessary, its continuation sheet, SF-272a. The 

Secretary



[[Page 125]]



uses this report to monitor cash advanced to recipients and to obtain 

disbursement information for each agreement with the recipients.

    (ii) The Secretary may require forecasts of Federal cash 

requirements in the ``Remarks'' section of the report.

    (iii) When practical and deemed necessary, the Secretary may require 

recipients to report in the ``Remarks'' section the amount of cash 

advances received in excess of three days. Recipients shall provide 

short narrative explanations of actions taken to reduce the excess 

balances.

    (iv) Recipients shall be required to submit not more than the 

original and two copies of the SF-272 15 calendar days following the end 

of each quarter. The Secretary may require a monthly report from those 

recipients receiving advances totaling $1 million or more per year.

    (v) The Secretary may waive the requirement for submission of the 

SF-272 for any one of the following reasons:

    (A) When monthly advances do not exceed $25,000 per recipient, 

provided that advances are monitored through other forms contained in 

this section;

    (B) If, in the Secretary's opinion, the recipient's accounting 

controls are adequate to minimize excessive Federal advances; or

    (C) When the electronic payment mechanisms provide adequate data.

    (b) When the Secretary needs additional information or more frequent 

reports, the following shall be observed:

    (1) When additional information is needed to comply with legislative 

requirements, the Secretary shall issue instructions to require 

recipients to submit information under the ``Remarks'' section of the 

reports.

    (2) When the Secretary determines that a recipient's accounting 

system does not meet the standards in Sec. 74.21, additional pertinent 

information to further monitor awards may be obtained upon written 

notice to the recipient until the system is brought up to standard. The 

Secretary, in obtaining this information, complies with the report 

clearance requirements of 5 CFR part 1320.

    (3) The Secretary may shade out any line item on any report if not 

necessary.

    (4) The Secretary may accept the identical information from the 

recipients in machine readable format or computer printouts or 

electronic outputs in lieu of prescribed formats.

    (5) The Secretary may provide computer or electronic outputs to 

recipients when these outputs expedite or contribute to the accuracy of 

reporting.



(Approved by the Office of Management and Budget under control number 

1880-0513)



(Authority: 20 U.S.C. 1221e-3, 3474; OMB Circular A-110)



[59 FR 34724, July 6, 1994, as amended at 60 FR 6660, Feb. 3, 1995]