That`s why the CMIA was adopted to achieve the following goals: Business Day – A day when the Federal Reserve opened. Federal-Federal Agreement – An agreement between a state and a federal program agency that defines the conditions for the delivery of a program or group of programs. This is different from the cash agreement described in 31 CFR 205.9. Repayment – funds that a state has recovered that it has already paid for the federal assistance program. Refunds include third-party rebates. Auditable – Records must be retained so that the calculations described in the treasury agreement can be verified and replicated for compliance purposes. Records must be readily available, fully documented and verifiable. Delegated Officer – A person authorized by the laws of a state to take on, on behalf of the state, obligations within the meaning of this regulation or the official document of that person, which is certified in writing. Administrative expenses – expenses incurred by a public authority in the management of a federal aid program. There are indirect costs associated with this term.
Expected reimbursement for direct costs – The types of interest calculation costs that will be borne by the government during the year. Interest calculation costs are the costs of calculating interest, including the cost of developing and maintaining settlement models to support the calculation of interest. Major Federal Assistance Program – These support programs that exceed the $1 threshold set by OSRAP, in accordance with the thresholds set in 31 CFR 205 or using circular OMB A-133. Efficiency – To ensure that federal funds are available if requested. Obligational Authority – The existence of a final obligation of the federal government to provide a state with adequate resources for the implementation of certain programs, whether the obligation is made before or after the payment of funds for the purposes of a state program. This term means that an obligation to a state has been fulfilled and does not relate to the amount of budgetary resources available. State – A U.S. state and an agency, instrumentality or tax agent of a state so defined.
This does not include local or tribal governments in India. A state agency or instrumentality is any primary government organization of the state financial reporting unit, as defined in Generally Accepted Accounting Principles (GAAP), with the exception of higher education institutions, hospitals and non-profit organizations. A state tax officer is a unit that pays, moves in or holds federal funds on behalf of the state to promote a federal program, but does not include a private non-profit collective organization. . Exercise – Unless otherwise stated, a state`s fiscal year ends in the calendar year indicated. The CMIA requires an annual cash agreement (TSA) between the United States.