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What are the eligibility requirements of this grant

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The Town of Elmwood applied for a competitive grant from the state government for providing an after- school recreational program for at-risk children from low-income families. On 2/1/2005, Elmwood was notified that it had been awarded a grant of $100,000 for the program. The program provides up to $1,000 per child served provided that family annual income is less than $25,000. The grant provides for reimbursement of all allowable costs of conducting the program on a twice-monthly basis. No time limit is imposed for completion of the program. Any unused grant award may be carried forward to the next fiscal year. By 12/31/2005, Elmwood?s fiscal year-end, $74,000 had been expended in providing recreational services for eligible beneficiaries. Reimbursement of $71,000 had been received from the state by this date.;Required;a). What are the eligibility requirements of this grant?;b). On 2/1/2005, should the Town of Elmwood enter any journal entry into the accounting system? On 12/31/2005, should the Town of Elmwood enter any journal entry into the accounting system? Why or Why not? c). As of 12/31/2005, identify the following;(1). Cash Received;(2). Program Revenue;(3). Expenditures

 

Paper#20928 | Written in 18-Jul-2015

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