Superintendent's Memo #119-09

State seal, Commonwealth of Virginia

COMMONWEALTH of VIRGINIA
Department of Education

May 1, 2009

TO: Division Superintendents

FROM: Patricia I. Wright, Superintendent of Public Instruction

SUBJECT: Change in Deposit Cycle for Federal Grant Funds

The Department of Education (the department) will be implementing a weekly deposit schedule for school division federal funds.  This change will improve school division cash flow by reducing the time between the full approval of a federal reimbursement request by the department and the deposit of the federal funds to school division accounts.  Currently, federal grant reimbursement requests are paid to divisions on a semi-monthly deposit schedule (i.e., the 16th and last day of each month).

Summary of key issues and dates relating to this change are:

Additionally, the department suggests, but does not require, school divisions that are low on cash consider the following federal grant reimbursement procedural changes (providing the grant award does not stipulate differently):

Your finance director is also being advised of this change in federal grant reimbursements.  If you have any questions, please contact Karen H. Lux in the Accounting Office at (804) 371-6877 or Karen.Lux@doe.virginia.gov.

PIW / KHL / dha