Accounting Terms and their Definitions

Accounting Terms and their Definitions FHWA Definition Active Project A project which has had federal billing activity within the past 12 months. NYSDOT Definition A project which has recent paperwork, even if no vouchers have been filed in the past 12 months. Inactive Project A project which does not have any billing activity for 12 months or more. “What is an inactive project?” De-obligate Release of excess funds on previously active projects that are currently inactive. If additional eligible costs are identified, a modification can be made to reinstate funding. No STIP action is required. Removing funds from a project? Withdraw Release of funds on projects with little or no expenditure activity since Federal authorization. This action removes all Federal authorization to perform the work and revokes all Federal participation in a project. The funds and obligation authority are released to be used on other projects. Therefore, costs may not be incurred on this project until the project is placed back on the STIP and it is reauthorized by FHWA. The same as de-obligate? Clarification: NYSDOT’s Project Management and Accounting Bureau generate Q-40 Tier I reports on a monthly basis. These show all projects with an unexpended balance over $500,000, and that have not had expenditures within the past 12 months. The projects on this list are distributed to the RPPMs for comment as to why the project should be considered active. If no comments are received or do not support keeping the excess funds on the inactive projects, then projects are either de-obligated (if active in the past) or withdrawn (if no federal billing activity has occurred since authorization). Note: advancing a project that has been withdrawn is not allowed and Section 1.9b waivers for costs incurred prior to Federal authorization will not automatically be granted based on unawareness of the project status. Revised: 10/29/2008

Related docs
A Definitions
Views: 5  |  Downloads: 1
ACCOUNTING TERMS AND DEFINITIONS
Views: 639  |  Downloads: 22
Accounting Definitions
Views: 307  |  Downloads: 24
Definitions of accounting_
Views: 0  |  Downloads: 0
Accounting Terms
Views: 1700  |  Downloads: 284
definitions & guidance
Views: 7  |  Downloads: 1
definitions
Views: 3  |  Downloads: 1
Accounting Terms
Views: 320  |  Downloads: 22
Definitions
Views: 3  |  Downloads: 0
Other docs by ramhood1
Model Business Corporation Act
Views: 557  |  Downloads: 10
10
Views: 170  |  Downloads: 0
samplepressreleaseAward
Views: 190  |  Downloads: 3
3812[0]
Views: 122  |  Downloads: 0
30_day_Notice_To_Move_Out
Views: 496  |  Downloads: 20
Devise of real property as consideration
Views: 208  |  Downloads: 2
Dry goods business
Views: 190  |  Downloads: 0
Finance Lecture10
Views: 304  |  Downloads: 7
Transcript of De Lome Letter
Views: 573  |  Downloads: 1
Accounting
Views: 466  |  Downloads: 7