Most private, state and federal grants require specific reporting procedures to ensure funds are expended within the grant period and used for allowed expenditures. To facilitate this reporting requirement, the funds are placed in a separate budget from regular district funds hence, a fully financed budget. A fully financed budget is a budget adopted by the Board of Education, which has an outside funding source for a specific use. 

Having a Fully Financed Budget is Key to  -- 

• Ordering materials
• Contracting for services
• Hiring staff
• Paying bills
• Ensuring an accurate report of financial activity

For assistance in establishing a grant budget, contact Marge Vanderhoff  |  651-767-8261

Resources --

FMLT Accounting Guidelines
Fully Financed Budget -- Sample
Fully Financed Budget -- Training
OMB Circular A87
Additional Forms