Conforming Changes to Applicant Submission Requirements; Implementing Federal Financial Report and Central Contractor Registration Requirements, 41087-41091 [2010-17328]
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Federal Register / Vol. 75, No. 135 / Thursday, July 15, 2010 / Rules and Regulations
adjuster’s statement. If the claim of loss
is due to criminal fraud or theft by a
third party, we will also require proof of
conviction for the fraud or theft, such as
a court document.
(f) If you or your spouse experiences
a scheduled cessation, termination, or
reorganization of an employer’s pension
plan, we will require evidence
documenting the change in or loss of the
pension. An example of acceptable
evidence includes, but is not limited to,
a statement from your pension fund
administrator explaining the reduction
or termination of your benefits.
(g) If you or your spouse receives a
settlement from an employer or former
employer because of the employer’s
closure, bankruptcy, or reorganization,
we will require evidence documenting
the settlement and the reason(s) for the
settlement. An example of acceptable
evidence includes, but is not limited to,
a letter from the former employer stating
the settlement terms and how they affect
you or your spouse.
6. Amend § 418.1265 to revise
paragraphs (c)(2) and (c)(3) to read as
follows:
■
§ 418.1265 What kind of evidence of a
significant modified adjusted gross income
reduction will you need to support your
request?
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(c) * * *
(2) If you experience one or more of
the events described in § 418.1205(d),
(e), (f), or (g), you must provide
evidence of how the event(s)
significantly reduced your modified
adjusted gross income, such as a
statement explaining any modified
adjusted gross income changes for the
tax year we used and a copy of your
filed Federal income tax return (if you
have filed one).
(3) If your spouse experiences one or
more of the events described in
§ 418.1205(d), (e), (f), or (g), you must
provide evidence of the resulting
significant reduction in your modified
adjusted gross income. The evidence
requirements are described in paragraph
(c)(2) of this section.
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[FR Doc. 2010–17198 Filed 7–14–10; 8:45 am]
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DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
24 CFR Parts 5, 84, and 85
[Docket No. FR–5350–I–01]
RIN 2501–AD50
Conforming Changes to Applicant
Submission Requirements;
Implementing Federal Financial Report
and Central Contractor Registration
Requirements
Office of the Secretary, HUD.
Interim rule.
AGENCY:
ACTION:
SUMMARY: This interim rule revises HUD
regulations to reference the new
governmentwide Federal Financial
Report (FFR), approved by the Office of
Management and Budget (OMB). The
purpose of the FFR is to consolidate
requirements from the OMB issued
Standard Forms SF–269, SF–269A SF–
272, and the SF–272A, into a single
governmentwide form. The
consolidation provides recipients of
HUD grants and cooperative agreements
a standard format for reporting the
financial status of their grants and
cooperative agreements and will assist
in efforts to move to electronic grants
management by reducing the variation
and number of forms required for
reporting. In including the new FFR in
its regulations, HUD revises its
regulations to remove references to SF–
270 and SF–271, since they are no
longer in use.
This interim rule also codifies the
requirement that applicants for HUD
assistance possess an active Central
Contractor Registration (CCR).
Registration with CCR assists HUD in
collecting, validating, and storing
information in support of its grant
programs and assists in ensuring the
accuracy of data placed on the
USASpending.gov website.
DATES: Effective Date: August 16, 2010.
Comment Due Date: September 13,
2010.
ADDRESSES: Interested persons are
invited to submit comments regarding
this rule to the Regulations Division,
Office of General Counsel, Department
of Housing and Urban Development,
451 7th Street, SW., Room 10276,
Washington, DC 20410–0500.
Communications must refer to the above
docket number and title. There are two
methods for submitting public
comments. All submissions must refer
to the above docket number and title.
1. Submission of Comments by Mail.
Comments may be submitted by mail to
the Regulations Division, Office of
General Counsel, Department of
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41087
Housing and Urban Development, 451
7th Street, SW., Room 10276,
Washington, DC 20410–0500. HUD
advises that comments submitted by
mail are subject to irradiation security
procedures which may result in a delay
of up to 10 days before receipt by the
HUD. As a result, HUD recommends
that comments be submitted
electronically, if feasible.
2. Electronic Submission of
Comments. Interested persons may
submit comments electronically through
the Federal eRulemaking Portal at
https://www.regulations.gov. HUD
strongly encourages commenters to
submit comments electronically.
Electronic submission of comments
allows the commenter maximum time to
prepare and submit a comment, ensures
timely receipt by HUD, and enables
HUD to make them immediately
available to the public. Comments
submitted electronically through the
https://www.regulations.gov website can
be viewed by other commenters and
interested members of the public.
Commenters should follow the
instructions provided on that site to
submit comments electronically.
Note: To receive consideration as public
comments, comments must be submitted
through one of the two methods specified
above. Again, all submissions must refer to
the docket number and title of the rule.
No Facsimile Comments. Facsimile
(FAX) comments are not acceptable.
Public Inspection of Public
Comments. All properly submitted
comments and communications
submitted to HUD will be available for
public inspection and copying between
8 a.m. and 5 p.m. weekdays at the above
address. Due to security measures at the
HUD Headquarters building, an advance
appointment to review the public
comments must be scheduled by calling
the Regulations Division at 202–402–
3055 (this is not a toll-free number).
Individuals with speech or hearing
impairments may access this number
via TTY by calling the Federal
Information Relay Service, toll-free, at
800–877–8339. Copies of all comments
submitted are available for inspection
and downloading at https://
www.regulations.gov.
FOR FURTHER INFORMATION CONTACT:
Barbara Dorf, Director, Office of
Departmental Grants Management and
Oversight, Office of Administration,
Department of Housing and Urban
Development, 451 7th Street, SW.,
Room 3156, Washington, DC 20410–
0500, telephone number 202–708–0667.
Persons with hearing or speech
impairments may access this number
through TTY by calling the toll-free
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Federal Information Relay Service at
800–877–8339.
SUPPLEMENTARY INFORMATION:
I. This Interim Rule
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A. Federal Financial Report (FFR)
On April 8, 2003 (68 FR 17097), OMB
announced its intent to establish a new
FFR. Consistent with the Federal
Financial Assistance Management
Improvement Act of 1999 (Pub. L. 106–
107) and the goal of governmentwide
grant streamlining efforts, the new FFR
consolidates into a single report the
current SF–269, Financial Status Report
(Long Form); SF–269A, Financial Status
Report (Short Form); SF–272, Federal
Cash Transactions Report; and the SF–
272A, Federal Cash Transactions
Report. The use of the FFR provides a
uniform, governmentwide format and
reduces burden on grantees that are
reporting using electronic systems by
reducing the number of forms to report.
The use of the FFR also provides for
standard reporting period end dates and
due dates for the submission of cash
management and financial information.
The FFR will simplify reporting
procedures for grantees and facilitate
uniformity in agencies’ grantmaking
processes.
On December 7, 2007 (72 FR 69248),
OMB published a Federal Register
notice announcing the promulgation of
the new FFR. This notice also directed
that Federal grant-making agencies
begin using the FFR not later than
September 30, 2008. Subsequently, on
August 13, 2008 (73 FR 47246), OMB
published a notice that requires Federal
agencies to transition to the new form
no later than October 1, 2009. In making
this transition, OMB requested that
agencies incorporate the requirement
into agency grant agreements and
program regulations as necessary.
HUD regulations at 24 CFR parts 84
and 85 reference the SF–269, SF–269A,
SF–272, and the SF–272A. This rule
removes these references and substitutes
the FFR. This rule also amends §§ 84.52
and 85.41 to conform the reporting
requirements to those provided for by
the FFR.
B. Requirement for Central Contractor
Registration
This interim rule also codifies the
requirement that applicants for HUD
assistance have an active registration in
the Central Contractor Registration
(CCR). CCR was established to facilitate
the Federal government’s compliance
with the Prompt Payment Act (Pub. L.
97–177) (31 U.S.C. 3901 et seq.) as
amended and is the primary registrant
database for the Federal government.
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CCR collects, validates, stores and
disseminates data in support of agency
missions, including Federal agency
contract and assistance awards, and the
electronic payment process.
CCR registration is applicable to
procurements awarded in accordance
with the Federal Acquisitions
Regulations (FAR). The use of CCR as a
central grantee repository was instituted
for competitive grant programs with the
launch in 2005 of the Grants.gov system.
Applicants for HUD competitive
assistance should be familiar with the
CCR registration requirement, since this
requirement has been included in the
notices of funding availability (NOFAs)
published by HUD over the last several
years (see e.g., 73 FR 79548, published
December 29, 2008; 72 FR 11434,
published March 13, 2007).
This interim rule codifies the CCR
registration requirement by adding a
new § 5.1004. Accordingly, entities
(private nonprofits, educational
organizations, state and regional
agencies, etc,) subject to § 5.1001 that
receive HUD assistance are required to
register with CCR and have an active
CCR registration in order for HUD to
obligate funds and for an awardee to
receive funds from HUD. HUD believes
that codifying the CCR registration
requirement will facilitate applicant and
awardee use of a single public website
which consolidates data on awards
made under various types of Federal
Financial Assistance, pursuant to the
Federal Funding Accountability and
Transparency Act of 2006
(Transparency Act) (Pub. L. 109–282)
(Transparency Act) and help ensure
data quality for grantee information for
the USASpending.gov website created
in conformance with the requirements
of the Transparency Act.
C. Removal of References to SF–270 and
SF–271
HUD is also using this interim rule to
remove references to the SF–270,
Request for Advance or Reimbursement,
and the SF–271, Outlay Report and
Request for Reimbursement for
Construction Programs. The HUD
electronic financial system does away
with the need for the SF–270 and the
SF–271. Both of these forms were
initially referenced by OMB more than
30 years ago, and technological
innovations have made these forms
obsolete for HUD’s purposes. To
acknowledge this, this interim rule
removes references to SF–270 and SF–
271.
II. Justification for Interim Rulemaking
HUD generally publishes regulatory
changes for public comment before
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issuing them for effect, in accordance
with its own regulations on rulemaking
in 24 CFR part 10. HUD, however, does
provide in § 10.1 for exceptions from
that general rule where the Department
finds good cause to omit advance notice
and public participation. The good
cause requirement is satisfied when the
prior public procedure is
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ The Department
finds that a delay in the effectiveness of
this interim rule in order to solicit prior
public comment is unnecessary.
In accordance with the Paperwork
Reduction Act of 1995, OMB published
the FFR for comment on April 8, 2003
(68 FR 17097). The April 8, 2003
publication generated nearly 200
comments from a wide range of
recipients of Federal financial
assistance, including state and local
government, non-profit entities,
institutions of higher education, and
associations. These comments were
considered by OMB in developing the
FFR. The FFR has also been approved
by OMB, OMB has directed Federal
agencies to commence using this form,
and it is already being used by
recipients of Federal assistance.
In addition, this interim rule would
require applicants and awardees of HUD
financial assistance to register with CCR
and possess an active CCR registration.
This is not a new requirement for
applicants of HUD assistance. Rather, as
noted the requirement has existed for
several years through HUD’s NOFAs.
Therefore, applicants and awardees for
the bulk of HUD’s financial assistance
are familiar with the requirement and
already possess an active Central
Contractor Registration.
Although HUD has determined that
good cause exists to publish this rule for
effect without prior solicitation of
public comment, the Department
recognizes the value and importance of
public input in the rulemaking process.
Accordingly, HUD is issuing these
regulatory amendments on an interim
basis and providing for a 60-day public
comment period. All comments will be
considered in the development of the
final rule.
III. Findings and Certifications
Executive Order 12866, Regulatory
Planning and Review
This rule is not a significant
regulatory action under section 3(f) of
Executive Order 12866, Regulatory
Planning and Review, and it was not
reviewed by the Office of Management
and Budget. This rule is not significant
because it would conform HUD
regulations to refer to the FFR, remove
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outdated references to forms that are
obsolete, and codify a requirement that
HUD has included for several years in
its notices of funding availability.
Paperwork Reduction Act
The information collection
requirements contained in this interim
rule have been submitted to the Office
of Management and Budget (OMB)
under the Paperwork Reduction Act of
1995 (44 U.S.C. 3501–3520). In
accordance with the Paperwork
Reduction Act, an agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
information unless the collection
displays a currently valid OMB control
number. The OMB control number for
the FFR is 0348–0061.
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Environmental Impact
This interim rule does not direct,
provide for assistance or loan and
mortgage insurance for, or otherwise
govern or regulate real property
acquisition, disposition, leasing,
rehabilitation, alteration, demolition, or
new construction; or establish, revise, or
provide for standards for construction or
construction materials, manufactured
housing, or occupancy. Accordingly,
under 24 CFR 50.19(c)(1), this rule is
categorically excluded from
environmental review under the
National Environmental Policy Act of
1969 (42 U.S.C. 4321).
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA)
(5 U.S.C. 601 et seq.), generally requires
an agency to conduct a regulatory
flexibility analysis of any rule subject to
notice and comment rulemaking
requirements unless the agency certifies
that the rule will not have a significant
economic impact on a substantial
number of small entities. As noted
earlier in this preamble, this interim
rule conforms HUD regulations to
requirements applicable to all grantees
that are already in place, as a result of
action previously taken by OMB, and
small entities were provided the
opportunity for comment in connection
with OMB’s publications. With respect
to financial reporting, the interim rule
streamlines the financial reporting
requirement by replacing one form for
the several that have been used prior to
fiscal year 2010. As a result, the FFR
will reduce the burden on all entities,
including small entities, by simplifying
the task of filing required financial
reports. Similarly, CCR registration has
been required of applicants and grantees
for HUD’s competitive programs to
ensure the proper identity of applicants.
This interim rule codifies the CCR
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registration requirement that HUD
grantees are already meeting. Therefore,
the undersigned certifies that this rule
will not have a significant impact on a
substantial number of small entities
within the meaning of the RFA.
Notwithstanding HUD’s view that this
rule will not have a significant effect on
a substantial number of small entities,
HUD specifically invites comments to
this rule that will meet HUD’s objectives
as described in this preamble.
24 CFR Part 85
Accounting, Grant programs, Indians,
Intergovernmental relations, Reporting
and recordkeeping requirements.
■ Accordingly, for the reasons described
in the preamble, HUD amends 24 CFR
parts 5, 84, and 85 as follows:
Executive Order 13132, Federalism
Authority: 42 U.S.C. 1437a, 1437c, 1437d,
1437f, 1437n, 3535(d); Sec. 327, Pub. L. 109–
115, 119 Stat. 2936, and Sec. 607, Pub. L.
109–162, 119 Stat. 3051.
Executive Order 13132 (entitled
‘‘Federalism’’) prohibits an agency from
publishing any rule that has federalism
implications if the rule either imposes
substantial direct compliance costs on
state and local governments and is not
required by statute, or the rule preempts
state law, unless the agency meets the
relevant requirements of section 6 of the
Executive Order. This interim rule does
not have federalism implications and
does not impose substantial direct
compliance costs on state and local
governments or preempt state law
within the meaning of the Executive
Order.
Unfunded Mandates Reform Act.
Title II of the Unfunded Mandates
Reform Act of 1995 (UMRA) (12 U.S.C.
1531–1538) establishes requirements for
Federal agencies to assess the effects of
their regulatory actions on state, local,
and tribal governments, and on the
private sector. This interim rule would
not impose any Federal mandates on
any state, local, or tribal governments,
or on the private sector, within the
meaning of UMRA.
List of Subjects
24 CFR Part 5
Administrative practice and
procedure, Aged, Claims, Crime,
Government contracts, Grants programshousing and community development,
Individuals with disabilities,
Intergovernmental relations, Loans
programs-housing and community
development, Low and moderate
income housing, Mortgage insurance,
Penalties, Pets, Public housing, Rent
subsidies, Reporting and recordkeeping
requirements, Social security,
Unemployment compensation, Wages.
24 CFR Part 84
Accounting, colleges and universities,
Grant programs, hospitals, Non-profit
organizations, Reporting and
recordkeeping requirements.
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PART 5—GENERAL HUD PROGRAM
REQUIREMENTS; WAIVERS
1. The authority citation for 24 CFR
part 5 continues to read as follows:
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Subpart K—Application, Registration,
and Submission Requirements
2. Revise the heading of subpart K to
read as set forth above.
■ 3. Add § 5.1004 to read as follows:
■
§ 5.1004
Central contractor registration.
Applicants for HUD financial
assistance that are subject to this
subpart are required to register with the
Central Contractor Registration (CCR)
and have an active registration in CCR
in order for HUD to obligate funds and
for an awardee to receive an award of
funds from HUD.
PART 84—UNIFORM ADMINISTRATIVE
REQUIREMENTS FOR GRANTS AND
AGREEMENTS WITH INSTITUTIONS
OF HIGHER EDUCATION, HOSPITALS,
AND OTHER NON-PROFIT
ORGANIZATIONS
4. The authority citation for 24 CFR
part 84 continues to read as follows:
■
Authority: 42 U.S.C. 3535(d).
5. In § 84.22, revise the first sentence
of paragraph (d) and remove paragraph
(m) to read as follows:
■
§ 84.22
Payment.
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(d) Requests for Treasury check
advance payments shall be submitted
through electronic means determined by
the authorizing HUD program, or on
forms as may be authorized by OMB.
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■ 6. Revise § 84.52 to read as follows:
§ 84.52
Financial reporting.
(a) The Federal financial report (FFR),
or such other form as may be approved
by OMB, is authorized for obtaining
financial information from recipients.
The applicability of the FFR form shall
be determined by the appropriate HUD
program, and the grantee will be
notified of any program requirements in
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reference to the FFR upon receipt of the
award. A HUD program may, where
appropriate, waive the use of the FFR
for its grantees and require an
alternative reporting system.
(b) HUD shall prescribe whether the
FFR shall be on a cash or accrual basis.
If HUD requires accrual information and
the recipient’s accounting records are
not normally kept on the accrual basis,
the recipient shall not be required to
convert its accounting system, but shall
develop such accrual information
through best estimates based on an
analysis of the documentation on hand.
(c) HUD shall determine the
frequency of the FFR for each project or
program, considering the size and
complexity of the particular project or
program. However, the report shall not
be required more frequently than
quarterly or less frequently than
annually. The reporting period end
dates shall be March 31, June 30,
September 30 or December 31. A final
FFR shall be required at the completion
of the award agreement and shall use
the end date of the project or grant
period as the reporting end date.
(d) HUD requires recipients to submit
the FFR no later than 30 days after the
end of each specified reporting period
for quarterly and semi-annual reports,
and 90 calendar days for annual reports.
Final reports shall be submitted no later
than 90 days after the project or grant
period end date. Extensions of reporting
due dates may be approved by HUD
upon request of the recipient. HUD may
require awardees to submit the FFR
electronically. Electronic submission
may be waived for cause in accordance
with HUD’s waiver policy in § 5.110 of
this title.
(e) (1) When funds are advanced to
recipients HUD shall use the FFR to
monitor cash advanced to recipients and
to obtain disbursement information for
each agreement with the recipients.
HUD may require forecasts of Federal
cash requirements in the ‘‘Remarks’’
section of the FFR and may require
recipients to report in the ‘‘Remarks’’
section the amount of cash advances
received and retained in excess of three
days and any interest earned on such
cash advances. Recipients shall provide
short narrative explanations of actions
taken to reduce early drawdowns and
excess balances.
(2) Recipients shall be required to
submit not more than the original and
two copies of the FFR or submit the
report electronically. HUD may require
a quarterly report from recipients
receiving advances totaling $1 million
or more per year.
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(f) When HUD needs additional
information or more frequent reports,
the following shall be observed.
(1) When additional information is
needed to comply with legislative
requirements or governmentwide
requirements, HUD shall issue
instructions to require recipients to
submit such information under the
‘‘Remarks’’ section of the reports or other
means.
(2) When HUD determines that a
recipient’s accounting system does not
meet the standards in § 84.21, additional
pertinent information to further monitor
awards may be obtained by written
notice to the recipient until such time
as the system is brought up to standard.
HUD, in obtaining this information,
shall comply with report clearance
requirements of 5 CFR part 1320.
(3) HUD may elect to accept the
identical information from the
recipients through a system to system
data interface as determined by HUD.
§ 84.82
■
[Amended]
7. In § 84.82, remove paragraph (c)(3).
PART 85—ADMINISTRATIVE
REQUIREMENTS FOR GRANTS AND
COOPERATIVE AGREEMENTS TO
STATE, LOCAL AND FEDERALLY
RECOGNIZED INDIAN TRIBAL
GOVERNMENTS
8. The authority citation for 24 CFR
part 85 continues to read as follows:
■
Authority: 42 U.S.C. 3535(d).
9. In § 85.3, revise the definition of
‘‘expenditure report’’ to read as follows:
■
§ 85.3
Definitions.
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Expenditure report means the Federal
financial report (FFR) or such other
financial reporting form as may be
approved by the Office of Management
and Budget.
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■ 10. Revise § 85.23(b) to read as
follows:
§ 85.23
Period of availability of funds.
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(b) Liquidation of obligations. A
grantee must liquidate all obligations
incurred under the award not later than
90 days after the end of the funding
period (or as specified in a program
regulation) to coincide with the
submission of the FFR. HUD may
extend this deadline at the request of
the grantee.
■ 11. In § 85.41, revise the first sentence
of paragraph (a)(3), revise paragraphs (b)
and (c), and remove paragraphs (d) and
(e), to read as follows:
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§ 85.41
Financial reporting.
(a) * * *
(3) Grantees shall follow all
applicable standard and supplemental
Federal agency instructions approved by
OMB to the extent required under the
Paperwork Reduction Act of 1980 for
use in connection with forms specified
in paragraphs (b) and (c) of this section.
* * *
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(b) Financial Status Report—(1) Form:
Grantees will use the FFR to report the
status of funds for all non-construction
grants, for construction grants or grants
which include both construction and
non-construction activities as
determined by HUD.
(2) Accounting basis. HUD shall
prescribe whether the FFR shall be on
a cash or accrual basis. If HUD requires
accrual information and the grantee’s
accounting records are not normally
kept on the accrual basis, the grantee
shall not be required to convert its
accounting system but shall develop
such accrual information through an
analysis of the documentation on hand.
(3) HUD shall determine the
frequency of the FFR for each project or
program, considering the size and
complexity of the particular project or
program. However, the report will not
be required more frequently than
quarterly or less frequently than
annually. The reporting period end
dates shall be March 31, June 30,
September 30 or December 31. A final
FFR shall be required at the completion
of the award agreement and shall use
the end date of the project or grant
period as the reporting end date.
(4) HUD requires recipients to submit
the FFR (original and two copies), not
later than 30 days after the end of each
specified reporting period for quarterly
and semiannual reports and 90 days for
annual reports. Final reports shall be
submitted no later than 90 days after the
expiration or termination of grant
support.
(c) (1) For grants paid by Treasury
check advances or electronic transfer of
funds, the grantee will submit the FFR,
unless the terms of the award exempt
the grantee from this requirement or
proscribe an alternate method of
financial reporting. HUD will use these
reports to monitor cash advanced to
grantees and to obtain disbursement or
financial status information for each
grant from grantees. The format of the
FFR may be adapted as appropriate
when reporting is to be accomplished
with the assistance of automatic data
processing equipment provided that the
information to be submitted is not
changed in substance. HUD may require
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forecasts of Federal cash requirements
in the ‘‘Remarks’’ section of the report.
(2) Cash in hands of subgrantees.
When considered necessary and feasible
HUD may require grantees to report the
amount of cash advances in excess of
three days’ needs in the hands of their
subgrantees or contractors and to
provide short narrative explanations of
actions taken by the grantee to reduce
the excess balances.
■ 12. In § 85.50, revise paragraph (b)(2),
remove paragraph (b)(3), and
redesignate paragraph (b)(4) as
paragraph (b)(3) and paragraph (b)(5) as
paragraph (b)(4) to read as follows:
§ 85.50
Closeout.
*
*
*
*
*
(b) * * *
(2) The Federal financial report form,
as well as other forms prescribed by the
program.
*
*
*
*
*
Dated: June 16, 2010.
Shaun Donovan,
Secretary.
[FR Doc. 2010–17328 Filed 7–14–10; 8:45 am]
BILLING CODE 4210–67–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Valuing and Paying Benefits
AGENCY: Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
Pension Benefit Guaranty
Corporation’s regulation on Benefits
Payable in Terminated Single-Employer
Plans prescribes interest assumptions
for valuing and paying certain benefits
under terminating single-employer
plans. This final rule amends the benefit
payments regulation to adopt interest
assumptions for plans with valuation
dates in August 2010. Interest
assumptions are also published on
PBGC’s Web site (https://www.pbgc.gov).
DATES: Effective August 1, 2010.
FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion, Manager, Regulatory
and Policy Division, Legislative and
Regulatory Department, Pension Benefit
erowe on DSK5CLS3C1PROD with RULES
SUMMARY:
For plans with a valuation date
Rate set
On or after
VerDate Mar<15>2010
15:24 Jul 14, 2010
Jkt 220001
status. In comparison with the interest
assumptions in effect for July 2010,
these interest assumptions represent a
decrease of 0.25 percent in the
immediate annuity rate and are
otherwise unchanged. For private-sector
payments, the interest assumptions (set
forth in Appendix C to part 4022) will
be the same as those used by PBGC for
determining and paying lump sums (set
forth in Appendix B to part 4022).
PBGC has determined that notice and
public comment on this amendment are
impracticable and contrary to the public
interest. This finding is based on the
need to determine and issue new
interest assumptions promptly so that
the assumptions can reflect current
market conditions as accurately as
possible.
Because of the need to provide
immediate guidance for the valuation
and payment of benefits in plans with
valuation dates during August 2010,
PBGC finds that good cause exists for
making the assumptions set forth in this
amendment effective less than 30 days
after publication.
PBGC has determined that this action
is not a ‘‘significant regulatory action’’
under the criteria set forth in Executive
Order 12866.
Because no general notice of proposed
rulemaking is required for this
amendment, the Regulatory Flexibility
Act of 1980 does not apply. See 5 U.S.C.
601(2).
Guaranty Corporation, 1200 K Street,
NW., Washington, DC 20005, 202–326–
4024. (TTY/TDD users may call the
Federal relay service toll-free at 1–800–
877–8339 and ask to be connected to
202–326–4024.)
SUPPLEMENTARY INFORMATION: PBGC’s
regulations prescribe actuarial
assumptions—including interest
assumptions—for valuing and paying
plan benefits of terminating singleemployer plans covered by title IV of
the Employee Retirement Income
Security Act of 1974. The interest
assumptions are intended to reflect
current conditions in the financial and
annuity markets.
These interest assumptions are found
in two PBGC regulations: the regulation
on Benefits Payable in Terminated
Single-Employer Plans (29 CFR Part
4022) and the regulation on Allocation
of Assets in Single-Employer Plans (29
CFR Part 4044). Assumptions under the
asset allocation regulation are updated
quarterly; assumptions under the benefit
payments regulation are updated
monthly. This final rule updates only
the assumptions under the benefit
payments regulation.
Two sets of interest assumptions are
prescribed under the benefit payments
regulation: (1) A set for PBGC to use to
determine whether a benefit is payable
as a lump sum and to determine lumpsum amounts to be paid by PBGC (found
in Appendix B to Part 4022), and (2) a
set for private-sector pension
practitioners to refer to if they wish to
use lump-sum interest rates determined
using PBGC’s historical methodology
(found in Appendix C to Part 4022).
This amendment (1) adds to
Appendix B to Part 4022 the interest
assumptions for PBGC to use for its own
lump-sum payments in plans with
valuation dates during August 2010, and
(2) adds to Appendix C to Part 4022 the
interest assumptions for private-sector
pension practitioners to refer to if they
wish to use lump-sum interest rates
determined using PBGC’s historical
methodology for valuation dates during
August 2010.
The interest assumptions that PBGC
will use for its own lump-sum payments
(set forth in Appendix B to part 4022)
will be 2.25 percent for the period
during which a benefit is in pay status
and 4.00 percent during any years
preceding the benefit’s placement in pay
Before
PO 00000
Frm 00019
Immediate annuity
rate
(percent)
Fmt 4700
Sfmt 4700
List of Subjects in 29 CFR Part 4022
Employee benefit plans, Pension
insurance, Pensions, Reporting and
recordkeeping requirements.
In consideration of the foregoing, 29
CFR part 4022 is amended as follows:
■
PART 4022—BENEFITS PAYABLE IN
TERMINATED SINGLE–EMPLOYER
PLANS
1. The authority citation for part 4022
continues to read as follows:
■
Authority: 29 U.S.C. 1302, 1322, 1322b,
1341(c)(3)(D), and 1344.
2. In appendix B to part 4022, Rate Set
202, as set forth below, is added to the
table.
■
Appendix B to Part 4022—Lump Sum
Interest Rates for PBGC Payments
*
*
*
*
*
Deferred annuities
(percent)
i1
E:\FR\FM\15JYR1.SGM
i2
15JYR1
i3
n1
n2
]]>Agencies
[Federal Register Volume 75, Number 135 (Thursday, July 15, 2010)]
[Rules and Regulations]
[Pages 41087-41091]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-17328]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Parts 5, 84, and 85
[Docket No. FR-5350-I-01]
RIN 2501-AD50
Conforming Changes to Applicant Submission Requirements;
Implementing Federal Financial Report and Central Contractor
Registration Requirements
AGENCY: Office of the Secretary, HUD.
ACTION: Interim rule.
-----------------------------------------------------------------------
SUMMARY: This interim rule revises HUD regulations to reference the new
governmentwide Federal Financial Report (FFR), approved by the Office
of Management and Budget (OMB). The purpose of the FFR is to
consolidate requirements from the OMB issued Standard Forms SF-269, SF-
269A SF-272, and the SF-272A, into a single governmentwide form. The
consolidation provides recipients of HUD grants and cooperative
agreements a standard format for reporting the financial status of
their grants and cooperative agreements and will assist in efforts to
move to electronic grants management by reducing the variation and
number of forms required for reporting. In including the new FFR in its
regulations, HUD revises its regulations to remove references to SF-270
and SF-271, since they are no longer in use.
This interim rule also codifies the requirement that applicants for
HUD assistance possess an active Central Contractor Registration (CCR).
Registration with CCR assists HUD in collecting, validating, and
storing information in support of its grant programs and assists in
ensuring the accuracy of data placed on the USASpending.gov website.
DATES: Effective Date: August 16, 2010. Comment Due Date: September 13,
2010.
ADDRESSES: Interested persons are invited to submit comments regarding
this rule to the Regulations Division, Office of General Counsel,
Department of Housing and Urban Development, 451 7th Street, SW., Room
10276, Washington, DC 20410-0500. Communications must refer to the
above docket number and title. There are two methods for submitting
public comments. All submissions must refer to the above docket number
and title.
1. Submission of Comments by Mail. Comments may be submitted by
mail to the Regulations Division, Office of General Counsel, Department
of Housing and Urban Development, 451 7th Street, SW., Room 10276,
Washington, DC 20410-0500. HUD advises that comments submitted by mail
are subject to irradiation security procedures which may result in a
delay of up to 10 days before receipt by the HUD. As a result, HUD
recommends that comments be submitted electronically, if feasible.
2. Electronic Submission of Comments. Interested persons may submit
comments electronically through the Federal eRulemaking Portal at
https://www.regulations.gov. HUD strongly encourages commenters to
submit comments electronically. Electronic submission of comments
allows the commenter maximum time to prepare and submit a comment,
ensures timely receipt by HUD, and enables HUD to make them immediately
available to the public. Comments submitted electronically through the
https://www.regulations.gov website can be viewed by other commenters
and interested members of the public. Commenters should follow the
instructions provided on that site to submit comments electronically.
Note: To receive consideration as public comments, comments
must be submitted through one of the two methods specified above.
Again, all submissions must refer to the docket number and title of
the rule.
No Facsimile Comments. Facsimile (FAX) comments are not acceptable.
Public Inspection of Public Comments. All properly submitted
comments and communications submitted to HUD will be available for
public inspection and copying between 8 a.m. and 5 p.m. weekdays at the
above address. Due to security measures at the HUD Headquarters
building, an advance appointment to review the public comments must be
scheduled by calling the Regulations Division at 202-402-3055 (this is
not a toll-free number). Individuals with speech or hearing impairments
may access this number via TTY by calling the Federal Information Relay
Service, toll-free, at 800-877-8339. Copies of all comments submitted
are available for inspection and downloading at https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: Barbara Dorf, Director, Office of
Departmental Grants Management and Oversight, Office of Administration,
Department of Housing and Urban Development, 451 7th Street, SW., Room
3156, Washington, DC 20410-0500, telephone number 202-708-0667. Persons
with hearing or speech impairments may access this number through TTY
by calling the toll-free
[[Page 41088]]
Federal Information Relay Service at 800-877-8339.
SUPPLEMENTARY INFORMATION:
I. This Interim Rule
A. Federal Financial Report (FFR)
On April 8, 2003 (68 FR 17097), OMB announced its intent to
establish a new FFR. Consistent with the Federal Financial Assistance
Management Improvement Act of 1999 (Pub. L. 106-107) and the goal of
governmentwide grant streamlining efforts, the new FFR consolidates
into a single report the current SF-269, Financial Status Report (Long
Form); SF-269A, Financial Status Report (Short Form); SF-272, Federal
Cash Transactions Report; and the SF-272A, Federal Cash Transactions
Report. The use of the FFR provides a uniform, governmentwide format
and reduces burden on grantees that are reporting using electronic
systems by reducing the number of forms to report. The use of the FFR
also provides for standard reporting period end dates and due dates for
the submission of cash management and financial information. The FFR
will simplify reporting procedures for grantees and facilitate
uniformity in agencies' grantmaking processes.
On December 7, 2007 (72 FR 69248), OMB published a Federal Register
notice announcing the promulgation of the new FFR. This notice also
directed that Federal grant-making agencies begin using the FFR not
later than September 30, 2008. Subsequently, on August 13, 2008 (73 FR
47246), OMB published a notice that requires Federal agencies to
transition to the new form no later than October 1, 2009. In making
this transition, OMB requested that agencies incorporate the
requirement into agency grant agreements and program regulations as
necessary.
HUD regulations at 24 CFR parts 84 and 85 reference the SF-269, SF-
269A, SF-272, and the SF-272A. This rule removes these references and
substitutes the FFR. This rule also amends Sec. Sec. 84.52 and 85.41
to conform the reporting requirements to those provided for by the FFR.
B. Requirement for Central Contractor Registration
This interim rule also codifies the requirement that applicants for
HUD assistance have an active registration in the Central Contractor
Registration (CCR). CCR was established to facilitate the Federal
government's compliance with the Prompt Payment Act (Pub. L. 97-177)
(31 U.S.C. 3901 et seq.) as amended and is the primary registrant
database for the Federal government. CCR collects, validates, stores
and disseminates data in support of agency missions, including Federal
agency contract and assistance awards, and the electronic payment
process.
CCR registration is applicable to procurements awarded in
accordance with the Federal Acquisitions Regulations (FAR). The use of
CCR as a central grantee repository was instituted for competitive
grant programs with the launch in 2005 of the Grants.gov system.
Applicants for HUD competitive assistance should be familiar with the
CCR registration requirement, since this requirement has been included
in the notices of funding availability (NOFAs) published by HUD over
the last several years (see e.g., 73 FR 79548, published December 29,
2008; 72 FR 11434, published March 13, 2007).
This interim rule codifies the CCR registration requirement by
adding a new Sec. 5.1004. Accordingly, entities (private nonprofits,
educational organizations, state and regional agencies, etc,) subject
to Sec. 5.1001 that receive HUD assistance are required to register
with CCR and have an active CCR registration in order for HUD to
obligate funds and for an awardee to receive funds from HUD. HUD
believes that codifying the CCR registration requirement will
facilitate applicant and awardee use of a single public website which
consolidates data on awards made under various types of Federal
Financial Assistance, pursuant to the Federal Funding Accountability
and Transparency Act of 2006 (Transparency Act) (Pub. L. 109-282)
(Transparency Act) and help ensure data quality for grantee information
for the USASpending.gov website created in conformance with the
requirements of the Transparency Act.
C. Removal of References to SF-270 and SF-271
HUD is also using this interim rule to remove references to the SF-
270, Request for Advance or Reimbursement, and the SF-271, Outlay
Report and Request for Reimbursement for Construction Programs. The HUD
electronic financial system does away with the need for the SF-270 and
the SF-271. Both of these forms were initially referenced by OMB more
than 30 years ago, and technological innovations have made these forms
obsolete for HUD's purposes. To acknowledge this, this interim rule
removes references to SF-270 and SF-271.
II. Justification for Interim Rulemaking
HUD generally publishes regulatory changes for public comment
before issuing them for effect, in accordance with its own regulations
on rulemaking in 24 CFR part 10. HUD, however, does provide in Sec.
10.1 for exceptions from that general rule where the Department finds
good cause to omit advance notice and public participation. The good
cause requirement is satisfied when the prior public procedure is
``impracticable, unnecessary, or contrary to the public interest.'' The
Department finds that a delay in the effectiveness of this interim rule
in order to solicit prior public comment is unnecessary.
In accordance with the Paperwork Reduction Act of 1995, OMB
published the FFR for comment on April 8, 2003 (68 FR 17097). The April
8, 2003 publication generated nearly 200 comments from a wide range of
recipients of Federal financial assistance, including state and local
government, non-profit entities, institutions of higher education, and
associations. These comments were considered by OMB in developing the
FFR. The FFR has also been approved by OMB, OMB has directed Federal
agencies to commence using this form, and it is already being used by
recipients of Federal assistance.
In addition, this interim rule would require applicants and
awardees of HUD financial assistance to register with CCR and possess
an active CCR registration. This is not a new requirement for
applicants of HUD assistance. Rather, as noted the requirement has
existed for several years through HUD's NOFAs. Therefore, applicants
and awardees for the bulk of HUD's financial assistance are familiar
with the requirement and already possess an active Central Contractor
Registration.
Although HUD has determined that good cause exists to publish this
rule for effect without prior solicitation of public comment, the
Department recognizes the value and importance of public input in the
rulemaking process. Accordingly, HUD is issuing these regulatory
amendments on an interim basis and providing for a 60-day public
comment period. All comments will be considered in the development of
the final rule.
III. Findings and Certifications
Executive Order 12866, Regulatory Planning and Review
This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, and it was
not reviewed by the Office of Management and Budget. This rule is not
significant because it would conform HUD regulations to refer to the
FFR, remove
[[Page 41089]]
outdated references to forms that are obsolete, and codify a
requirement that HUD has included for several years in its notices of
funding availability.
Paperwork Reduction Act
The information collection requirements contained in this interim
rule have been submitted to the Office of Management and Budget (OMB)
under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520). In
accordance with the Paperwork Reduction Act, an agency may not conduct
or sponsor, and a person is not required to respond to, a collection of
information unless the collection displays a currently valid OMB
control number. The OMB control number for the FFR is 0348-0061.
Environmental Impact
This interim rule does not direct, provide for assistance or loan
and mortgage insurance for, or otherwise govern or regulate real
property acquisition, disposition, leasing, rehabilitation, alteration,
demolition, or new construction; or establish, revise, or provide for
standards for construction or construction materials, manufactured
housing, or occupancy. Accordingly, under 24 CFR 50.19(c)(1), this rule
is categorically excluded from environmental review under the National
Environmental Policy Act of 1969 (42 U.S.C. 4321).
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) (5 U.S.C. 601 et seq.),
generally requires an agency to conduct a regulatory flexibility
analysis of any rule subject to notice and comment rulemaking
requirements unless the agency certifies that the rule will not have a
significant economic impact on a substantial number of small entities.
As noted earlier in this preamble, this interim rule conforms HUD
regulations to requirements applicable to all grantees that are already
in place, as a result of action previously taken by OMB, and small
entities were provided the opportunity for comment in connection with
OMB's publications. With respect to financial reporting, the interim
rule streamlines the financial reporting requirement by replacing one
form for the several that have been used prior to fiscal year 2010. As
a result, the FFR will reduce the burden on all entities, including
small entities, by simplifying the task of filing required financial
reports. Similarly, CCR registration has been required of applicants
and grantees for HUD's competitive programs to ensure the proper
identity of applicants. This interim rule codifies the CCR registration
requirement that HUD grantees are already meeting. Therefore, the
undersigned certifies that this rule will not have a significant impact
on a substantial number of small entities within the meaning of the
RFA.
Notwithstanding HUD's view that this rule will not have a
significant effect on a substantial number of small entities, HUD
specifically invites comments to this rule that will meet HUD's
objectives as described in this preamble.
Executive Order 13132, Federalism
Executive Order 13132 (entitled ``Federalism'') prohibits an agency
from publishing any rule that has federalism implications if the rule
either imposes substantial direct compliance costs on state and local
governments and is not required by statute, or the rule preempts state
law, unless the agency meets the relevant requirements of section 6 of
the Executive Order. This interim rule does not have federalism
implications and does not impose substantial direct compliance costs on
state and local governments or preempt state law within the meaning of
the Executive Order.
Unfunded Mandates Reform Act.
Title II of the Unfunded Mandates Reform Act of 1995 (UMRA) (12
U.S.C. 1531-1538) establishes requirements for Federal agencies to
assess the effects of their regulatory actions on state, local, and
tribal governments, and on the private sector. This interim rule would
not impose any Federal mandates on any state, local, or tribal
governments, or on the private sector, within the meaning of UMRA.
List of Subjects
24 CFR Part 5
Administrative practice and procedure, Aged, Claims, Crime,
Government contracts, Grants programs-housing and community
development, Individuals with disabilities, Intergovernmental
relations, Loans programs-housing and community development, Low and
moderate income housing, Mortgage insurance, Penalties, Pets, Public
housing, Rent subsidies, Reporting and recordkeeping requirements,
Social security, Unemployment compensation, Wages.
24 CFR Part 84
Accounting, colleges and universities, Grant programs, hospitals,
Non-profit organizations, Reporting and recordkeeping requirements.
24 CFR Part 85
Accounting, Grant programs, Indians, Intergovernmental relations,
Reporting and recordkeeping requirements.
0
Accordingly, for the reasons described in the preamble, HUD amends 24
CFR parts 5, 84, and 85 as follows:
PART 5--GENERAL HUD PROGRAM REQUIREMENTS; WAIVERS
0
1. The authority citation for 24 CFR part 5 continues to read as
follows:
Authority: 42 U.S.C. 1437a, 1437c, 1437d, 1437f, 1437n,
3535(d); Sec. 327, Pub. L. 109-115, 119 Stat. 2936, and Sec. 607,
Pub. L. 109-162, 119 Stat. 3051.
Subpart K--Application, Registration, and Submission Requirements
0
2. Revise the heading of subpart K to read as set forth above.
0
3. Add Sec. 5.1004 to read as follows:
Sec. 5.1004 Central contractor registration.
Applicants for HUD financial assistance that are subject to this
subpart are required to register with the Central Contractor
Registration (CCR) and have an active registration in CCR in order for
HUD to obligate funds and for an awardee to receive an award of funds
from HUD.
PART 84--UNIFORM ADMINISTRATIVE REQUIREMENTS FOR GRANTS AND
AGREEMENTS WITH INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, AND
OTHER NON-PROFIT ORGANIZATIONS
0
4. The authority citation for 24 CFR part 84 continues to read as
follows:
Authority: 42 U.S.C. 3535(d).
0
5. In Sec. 84.22, revise the first sentence of paragraph (d) and
remove paragraph (m) to read as follows:
Sec. 84.22 Payment.
* * * * *
(d) Requests for Treasury check advance payments shall be submitted
through electronic means determined by the authorizing HUD program, or
on forms as may be authorized by OMB. * * *
* * * * *
0
6. Revise Sec. 84.52 to read as follows:
Sec. 84.52 Financial reporting.
(a) The Federal financial report (FFR), or such other form as may
be approved by OMB, is authorized for obtaining financial information
from recipients. The applicability of the FFR form shall be determined
by the appropriate HUD program, and the grantee will be notified of any
program requirements in
[[Page 41090]]
reference to the FFR upon receipt of the award. A HUD program may,
where appropriate, waive the use of the FFR for its grantees and
require an alternative reporting system.
(b) HUD shall prescribe whether the FFR shall be on a cash or
accrual basis. If HUD requires accrual information and the recipient's
accounting records are not normally kept on the accrual basis, the
recipient shall not be required to convert its accounting system, but
shall develop such accrual information through best estimates based on
an analysis of the documentation on hand.
(c) HUD shall determine the frequency of the FFR for each project
or program, considering the size and complexity of the particular
project or program. However, the report shall not be required more
frequently than quarterly or less frequently than annually. The
reporting period end dates shall be March 31, June 30, September 30 or
December 31. A final FFR shall be required at the completion of the
award agreement and shall use the end date of the project or grant
period as the reporting end date.
(d) HUD requires recipients to submit the FFR no later than 30 days
after the end of each specified reporting period for quarterly and
semi-annual reports, and 90 calendar days for annual reports. Final
reports shall be submitted no later than 90 days after the project or
grant period end date. Extensions of reporting due dates may be
approved by HUD upon request of the recipient. HUD may require awardees
to submit the FFR electronically. Electronic submission may be waived
for cause in accordance with HUD's waiver policy in Sec. 5.110 of this
title.
(e) (1) When funds are advanced to recipients HUD shall use the FFR
to monitor cash advanced to recipients and to obtain disbursement
information for each agreement with the recipients. HUD may require
forecasts of Federal cash requirements in the ``Remarks'' section of
the FFR and may require recipients to report in the ``Remarks'' section
the amount of cash advances received and retained in excess of three
days and any interest earned on such cash advances. Recipients shall
provide short narrative explanations of actions taken to reduce early
drawdowns and excess balances.
(2) Recipients shall be required to submit not more than the
original and two copies of the FFR or submit the report electronically.
HUD may require a quarterly report from recipients receiving advances
totaling $1 million or more per year.
(f) When HUD needs additional information or more frequent reports,
the following shall be observed.
(1) When additional information is needed to comply with
legislative requirements or governmentwide requirements, HUD shall
issue instructions to require recipients to submit such information
under the ``Remarks'' section of the reports or other means.
(2) When HUD determines that a recipient's accounting system does
not meet the standards in Sec. 84.21, additional pertinent information
to further monitor awards may be obtained by written notice to the
recipient until such time as the system is brought up to standard. HUD,
in obtaining this information, shall comply with report clearance
requirements of 5 CFR part 1320.
(3) HUD may elect to accept the identical information from the
recipients through a system to system data interface as determined by
HUD.
Sec. 84.82 [Amended]
0
7. In Sec. 84.82, remove paragraph (c)(3).
PART 85--ADMINISTRATIVE REQUIREMENTS FOR GRANTS AND COOPERATIVE
AGREEMENTS TO STATE, LOCAL AND FEDERALLY RECOGNIZED INDIAN TRIBAL
GOVERNMENTS
0
8. The authority citation for 24 CFR part 85 continues to read as
follows:
Authority: 42 U.S.C. 3535(d).
0
9. In Sec. 85.3, revise the definition of ``expenditure report'' to
read as follows:
Sec. 85.3 Definitions.
* * * * *
Expenditure report means the Federal financial report (FFR) or such
other financial reporting form as may be approved by the Office of
Management and Budget.
* * * * *
0
10. Revise Sec. 85.23(b) to read as follows:
Sec. 85.23 Period of availability of funds.
* * * * *
(b) Liquidation of obligations. A grantee must liquidate all
obligations incurred under the award not later than 90 days after the
end of the funding period (or as specified in a program regulation) to
coincide with the submission of the FFR. HUD may extend this deadline
at the request of the grantee.
0
11. In Sec. 85.41, revise the first sentence of paragraph (a)(3),
revise paragraphs (b) and (c), and remove paragraphs (d) and (e), to
read as follows:
Sec. 85.41 Financial reporting.
(a) * * *
(3) Grantees shall follow all applicable standard and supplemental
Federal agency instructions approved by OMB to the extent required
under the Paperwork Reduction Act of 1980 for use in connection with
forms specified in paragraphs (b) and (c) of this section. * * *
* * * * *
(b) Financial Status Report--(1) Form: Grantees will use the FFR to
report the status of funds for all non-construction grants, for
construction grants or grants which include both construction and non-
construction activities as determined by HUD.
(2) Accounting basis. HUD shall prescribe whether the FFR shall be
on a cash or accrual basis. If HUD requires accrual information and the
grantee's accounting records are not normally kept on the accrual
basis, the grantee shall not be required to convert its accounting
system but shall develop such accrual information through an analysis
of the documentation on hand.
(3) HUD shall determine the frequency of the FFR for each project
or program, considering the size and complexity of the particular
project or program. However, the report will not be required more
frequently than quarterly or less frequently than annually. The
reporting period end dates shall be March 31, June 30, September 30 or
December 31. A final FFR shall be required at the completion of the
award agreement and shall use the end date of the project or grant
period as the reporting end date.
(4) HUD requires recipients to submit the FFR (original and two
copies), not later than 30 days after the end of each specified
reporting period for quarterly and semiannual reports and 90 days for
annual reports. Final reports shall be submitted no later than 90 days
after the expiration or termination of grant support.
(c) (1) For grants paid by Treasury check advances or electronic
transfer of funds, the grantee will submit the FFR, unless the terms of
the award exempt the grantee from this requirement or proscribe an
alternate method of financial reporting. HUD will use these reports to
monitor cash advanced to grantees and to obtain disbursement or
financial status information for each grant from grantees. The format
of the FFR may be adapted as appropriate when reporting is to be
accomplished with the assistance of automatic data processing equipment
provided that the information to be submitted is not changed in
substance. HUD may require
[[Page 41091]]
forecasts of Federal cash requirements in the ``Remarks'' section of
the report.
(2) Cash in hands of subgrantees. When considered necessary and
feasible HUD may require grantees to report the amount of cash advances
in excess of three days' needs in the hands of their subgrantees or
contractors and to provide short narrative explanations of actions
taken by the grantee to reduce the excess balances.
0
12. In Sec. 85.50, revise paragraph (b)(2), remove paragraph (b)(3),
and redesignate paragraph (b)(4) as paragraph (b)(3) and paragraph
(b)(5) as paragraph (b)(4) to read as follows:
Sec. 85.50 Closeout.
* * * * *
(b) * * *
(2) The Federal financial report form, as well as other forms
prescribed by the program.
* * * * *
Dated: June 16, 2010.
Shaun Donovan,
Secretary.
[FR Doc. 2010-17328 Filed 7-14-10; 8:45 am]
BILLING CODE 4210-67-P
