The government pays as much as $2 million annually in monthly service fees to maintain about 28,000 phantom grant accounts that are empty and have expired. Each of these accounts have a zero-dollar balance and their authority to operate has expired under law, yet because they have not been closed out, the federal government pays about $173,000 per month to maintain them.
The agency that maintains an expired or fully spent grant simply needs to submit a code to close out the account. To help users, system reports indicate accounts waiting to be closed with a special symbol. Until the accounts are closed, they continue to accumulate monthly service fees.
No comments:
Post a Comment