11
Grants
•Revenues – once all eligibility requirements have been met,
–revenues not received by June 30, report as grants receivable in the financial statements
–Grant award less funds received to date = receivable
–Received to date includes prior year funds
Required characteristics of recipients - recipient has the characteristics specified by the provider

Time requirements - usually specified in enabling legislation, such as specification of the grant period

Reimbursements - provider offers resources on a reimbursement basis and the recipient has incurred allowable costs under the program

Contingencies - Specific action required by the provider has occurred, such as paying the required match on a grant program or raising a certain amount of money to be matched by the provider.