Are JTPA closeout costs for conversion to WIA to be taken from existing administrative dollars only?
A. No. Funds reserved for a closeout will not be considered in calculating compliance with the administrative cost limitation. 24. Q. May storage costs for retention of records be prepaid from JTPA funds? A. Yes. Prepayment of storage costs is a legitimate closeout expense. ETA will authorize the prepayment of record storage costs for a period of 3 years from the date of submission of the final expenditure report to ensure compliance with the records retention requirement. Records must be kept longer if any litigation or audit is begun, or if a claim is instituted involving the appropriated funds or agreement covered by the records. In these instances, records will be retained until the issue has been finally resolved. However, the only authorized closeout cost for record storage is the amount required to meet the 3 year retention requirement. Because they would constitute an estimated contingency, costs for any longer retention period required must be paid with non-Federal funds. Stat
Related Questions
- If an individual does not do a full conversion and aftertax dollars are in the existing traditional IRA(s), how is the taxable amount of the conversion determined?
- If the dollars are fluid and subject to reallocation across the participating institutions, how would facilities and administrative (F & A) costs be managed?
- Can the county subtract the administrative costs of collection from the Conversion Charge amount returned to the taxation districts?
