The term federal funds authorized refers to the total amount of federal money that the government has committed for a specific recipient's use. This total may include any carryover of funds that were not spent in previous funding periods, provided that the agency's regulations allow for such carryover. Essentially, it represents the financial resources available to a recipient from federal sources.
In legal practice, federal funds authorized are commonly referenced in the context of grants and agreements, particularly with institutions like universities, hospitals, and non-profit organizations. Understanding this term is crucial for recipients of federal funding, as it affects budgeting, financial planning, and compliance with grant conditions. Users can manage related documentation and processes using legal templates available through services like US Legal Forms.
Here are a couple of examples of abatement:
For instance, a university may receive a federal grant of $1 million for research. If the university only spends $800,000 in the first year, it may carry over the remaining $200,000 to the next funding period, assuming the agency allows it. This carryover would be included in the total federal funds authorized for the subsequent year.
| Term | Definition | Difference |
|---|---|---|
| Federal funding | General term for any financial assistance from the federal government. | Federal funds authorized specifically refers to the amount that has been formally committed for use by a recipient. |
| Grant | A sum of money given by the government for a specific purpose. | Federal funds authorized can be part of a grant but also includes carryover funds and obligations. |
If you are a recipient of federal funds, it is essential to understand the amount authorized and any conditions attached to it. Ensure you keep accurate records of expenditures and be aware of any regulations regarding fund carryover. For assistance with documentation or compliance, consider using US Legal Forms' templates, or consult a legal professional if your situation is complex.
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They are the total federal funds obligated for use by a recipient, including any carryover from prior periods.