Are there any changes in the requirements for returning excess cash?
No. Grantees/payees are required to return excess cash when it has an amount in excess of its expenditures and immediate needs for each authorized program. Excess cash from one program can be used to offset a cash deficit or to meet an immediate need in another program where authorizations exist. Before returning funds, grantees/payees should try to take care of the extra cash by making a drawdown adjustment. When a grantee/payee returns funds, a single return payment can be sent to the Department, accompanied by a memo entry in the record identifying the individual grant awards by amount. The refund can be sent to the Department via Fedwire or ACH (electronic funds transfer). The grantee/payee will be required to identify the grant awards which the excess cash applies or funds will not be accepted. Lockbox address where checks may be sent: U.S. Department of Education P.O. Box 952023 St.
