Revenues

Policy

FIACCT 07-02_14 Federal Revenues – Contract Services with Outside Agency

Effective: July 1, 1994
Revised: N/A

Purpose

This policy provides step-by-step procedures for a department to record federal funds received from a local government or other non-state agency. In this case, the state department is a subrecipient of federal funds.

Procedures

Responsibility

Action

Federal Revenue Received for Contract Services with a Local Government or Other Agency
Outside of State Government (The State is a subrecipient of federal revenue.)

Department

  1. Contact the entity with which the contract was made and have the agency identify the funding source for the contract. The funding source must be separated into the federal government share and the local government share.
  2. Record the revenue received with a Cash Receipts transaction. See the Cash Receipts Transaction policy in this section of this manual
  3. Code the local government share to revenue source codes 1932, 2932, 2934, or 2935 as appropriate.
  4. Code the federal government share with Revenue Source code 2933.

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