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CDA details budgeting, monthly reporting and reimbursement rules for CDBG awards
Summary
CDA fiscal staff outlined monthly reporting, allowable-cost principles, procurement thresholds and two types of reimbursement (direct-cost and per-unit), and said payments will not be processed without up-to-date financial reports.
Brian Yacom, fiscal manager at the Community Development Administration, led the training segment on financial management and payment procedures for awarded CDBG contracts.
Yacom said awardees must maintain accounting systems that segregate CDBG activity and support monthly financial reports tied to the contract budget. He explained two reimbursement methods: direct reimbursement (applicants submit actual invoices) and fixed-price, per-unit reimbursement (CDA pays based on agreed…
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