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Sunflower reports $75.2 million balance; board approves $119,417.75 grant for administrative services
Summary
Sunflower told the KFA Board the account balance was $75,210,328.79 as of Feb. 28, with $62,203,084.19 unallocated. The board unanimously approved Sunflower's request for $119,417.75 to cover administrative support for grant management.
Shanna, Sunflower—unds administrator, presented the board with a fund-balance summary showing deposits since January 2023 of just over $85 million and earned interest of about $3.8 million. She said total grants paid to Sunflower, including a $1.5 million needs assessment, are just north of $2 million; RFP 1—3 payments total just over $11 million.
Shanna reported the bank balance as of Feb. 28 was $75,210,328.79 and that the unallocated fund balance remains $62,203,084.19. She noted the account has daily liquidity and 100% FDIC coverage and that the interest rate on the account has fallen from approximately 5% to about 3.6%.
Sunflower requested $119,417.75 to cover direct grant administrative support ($108,561.59) and an indirect rate not to exceed 10% ($10,856.16). Board member Mike moved to approve the grant request; Sarah Taylor seconded. The board unanimously approved the grant.
Earlier in the meeting the board also approved the minutes from its previous meeting. Sandra moved to approve the minutes; Mike seconded; the vote was unanimous.
Why it matters: the financial update gives the board a current picture of available and earmarked funds ahead of upcoming awards and the needs-assessment presentation. The approved administrative grant covers personnel and project support related to RFP review and grant management.
