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American Recovery and Reinvestment Act of 2009

American Recovery and Reinvestment Act of 2009. State Fiscal Stabilization Funds. Tracking State Fiscal Stabilization Funds. A set of self- balancing accounts should be created in the general ledger Restricted Fund to account for all expenditures associated with the grant.

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American Recovery and Reinvestment Act of 2009

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  1. American Recovery and Reinvestment Act of 2009 State Fiscal Stabilization Funds

  2. Tracking State Fiscal Stabilization Funds A set of self- balancing accounts should be created in the general ledger Restricted Fund to account for all expenditures associated with the grant.

  3. Uses of State Fiscal Stabilization Funds Education and general expenditures, in such a way as to mitigate the need to raise tuition and fees for in-State residents, or Modernization, renovation, or repair of Institutions of Higher Education facilities that are primarily used for instruction, research, or student housing, including modernization, renovation, and repairs that are consistent with a recognized green-building rating system.

  4. Statutory Prohibitions on Use of State Fiscal Stabilization Funds To increase endowment; Maintenance of systems, equipment, or facilities; Modernization, renovation, or repair of stadiums or other facilities primarily used for athletic contests or exhibitions or other events for which admission is charged to the general public; or

  5. Prohibitions cont. Modernization, renovation, or repair of facilities -- Used for sectarian instruction or religious worship; or In which a substantial portion of the functions of the facilities are subsumed in a religious mission Modernization, renovation, or repair of aquarium, zoo, golf course, or swimming pool

  6. Requesting State Fiscal Stabilization Funds Colleges submit a Request for Funds by the 15th of the month for expenditures incurred the previous month. (first request due November 15th for October expenditures. Department prepares request for Executive Budget Office. Executive Budget Office draws down funds from G5 system. Department vouchers payment requests from College.

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