Section 1260.280  Disbursement of Funds

a)         The Department shall disburse grant funds at least annually unless it is determined based upon the grant amount that a more frequent disbursement is necessary.

b)         Unliquidated Obligations

All obligations not liquidated by the end of the lapse period (September 30^th) will become the responsibility of the I SEARCH Unit.

c)         Unexpended Grant Balance

Any grant funds not expended as of the end of the grant term must be returned to DSP within 45 days. Grant adjustments for the next grant period will be reviewed and approved up to the unexpended remaining balance. Any remaining balance may be deducted from the next grant period, or the ISEARCH Unit may submit a grant adjustment request up to the remaining balance for DSP approval. The Department shall comply with the provisions of the Illinois Grant Funds Recovery Act in this matter.

d)         The Department of State Police requires the following rules be used for all disbursements by ISEARCH Units.

1)         All fiscal transactions will be posted to the General Ledger and Cash Disbursement Ledger on a daily basis.

2)         If a Petty Cash Fund is used, it will be entrusted to a single custodian for all payments and no payment shall exceed $25. The maximum amount allowed in a Petty Cash Fund is $100.

3)         All funds shall be deposited in a registered financial institution and all payments, with exception of the petty cash payments, must be made by serially numbered checks.

4)         The bank account and Petty Cash Fund must be reconciled monthly and the reconciliation reports retained in the files for audit purposes.

5)         Serially numbered requisitions or Purchase Orders must be used for all expenditures over $500.