State Disbursing
Federal Funds
For support please contact OSC Support Services:
(919) 707-0795 or OSC.Support.Services@osc.nc.gov
Federal funds received by an agency are subject to various federal requirements including those of the federal agency that provides the federal funds as well as those of the Federal Cash Management Improvement Act (CMIA) of 1990. On an annual basis, the Office of the State Controller and the US Department of Treasury execute a Treasury-State Agreement that ensures that neither the State nor the federal government is unduly enriched at the expense of the other as a result of state agencies having federal funds on hand prematurely before being disbursed, or state agencies disbursing state funds prior to being reimbursed by a federal agency.
Under the CMIA agreement, the State has elected to utilize the “checks issued” method of disbursing funds which normally results in the State benefiting from the check float. Annually, there is a settlement between the State and the federal government for the net interest that has been earned by the State. The State Controller is responsible for ensuring that state agencies adhere to the requirements of the CMIA as well as calculating the amount of the annual settlement for all agencies combined.
Following are links to forms and policies established by the Office of the State Controller for this purpose and also links to related websites including the current and archived Treasurer / State Agreements, federal rules and the federal CMIA website.
| Cash Management Policy for Federal Funds | ||
Forms |
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| CMIA Monthly Worksheet / Instructions | ||