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<br />. <br /> <br />. <br /> <br />. <br /> <br />Bank Account <br />Requirements <br /> <br />~:Af: <br /> <br />---~-----+ <br /> <br />50ecial Note <br /> <br />Consistent with the national goal of expanding <br />the opportunities for minority business <br />enterprises. grant recipients arc encouraged to <br />use minority banks (a bank which is owned at <br />least 50 percent by minority group members), A <br />list of minority owned banks can be obtained <br />from the Minority Business Development <br />Agency, Department of Commerce, <br />Washington, DC 20230, [44 CFR 13.21 (h)(I)] <br /> <br />NOTE: rrhis is a special consideration, not a <br />grant award requirement. <br /> <br />. <br /> <br />Request for Funds <br /> <br />n:~~: <br />.. <br /> <br />How to Manage a Planning Grant Award <br /> <br />Prior to receiving grant funds, grant recipients must notify SEMA where <br />grant payments will be deposited by submitting the Designation of <br />Depository form located in Appendix 8, Although opening a separatc <br />bank account is preferred, SEMA does not require FMA grant funds to <br />be placed in a separate checking account. The depository account <br />however must be non-interest bearing. The following depository <br />account requirements apply: <br /> <br />Bank Account Requirements <br /> <br />,~:,: ,\; , <br /> <br />. Submit to SEMA, Designation of Depository Form located in <br />Appendix 8, <br /> <br />. If account where funds are to be deposited is NOT a separate <br />account, establish code or tracking system to identify FMA <br />expenditures from other city/county expenditures. <br /> <br />. The account must be non-interest bearing. <br /> <br />. The account must be in an FDIC or equivalent insured institution. <br /> <br />. All checks issued on the FMA bank account are required to be <br />issued in accordance with the local jurisdictions existing account <br />procedures, For example, if the local jurisdiction requires that all <br />checks issued must have two signatures, then checks issued with <br />FMA funds must have two signatures. <br /> <br />Although the checking account register is, in essence, an accounting <br />ledger whereby all deposits and disbursements can be verified, a more <br />comprehensive ledger system is recommended. This is discussed in <br />more detail on page 19, Establishing and Maintaining the FMA <br />Accounting System. <br /> <br />. <br /> <br />After the grant agreement, funding approval notice and bank depository <br />form have been signed and submitted to SEMA, FMA grant recipients <br />are allowed to submit a Request for Funds (RFF). The RFF form is <br />located in Appendix 9 and must be accompanied with supporting <br />documentation when submitted to SEMA, Specific regulations and <br />policies are explained in more detail on the following page, <br /> <br />16 <br /> <br />How to Manage a Planning Grant Award <br />