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User's Guide V1.1 Page 22 of 24 <br /> EXPENDITURE Funds drawn and used for a grant award. The Department records <br /> drawdowns as expenses. See also disbursements. <br /> EXTERNAL ACCESS SYSTEM The system that payees use to access GAPS to make <br /> payment requests and report expenditures. <br /> FEDWIRE A payment method allowing for the electronic transfer of funds through the Federal <br /> Reserve Bank network directly into the payee's depositor account at the payee's financial <br /> institution. Financial institutions may charge their customers for this service. <br /> FISCAL YEAR (FY) The fiscal year for the federal government begins October 1 and ends the <br /> following September 30. <br /> FORMULA GRANT A grant where the funds are awarded to a grantee based upon a formula <br /> defined in the program statute or Department of Education regulations. These funds may be <br /> allocated, by a state, to local education agencies in support of continuous educational <br /> activities. They have a 15 month obligation period with an additional 12 months to report <br /> expenditures. <br /> GAPS The acronym for the Grant Administration and Payment System. GAPS is that part of <br /> the Education Central Automated Processing System (EDCAPS)) which manages the <br /> complete grant cycle. By managing the complete grant cycle, GAPS provides full financial <br /> management support services in a single system. Functions supported by GAPS include <br /> obligation of award authorizations, disbursement of funds, and final grant closeout. In addition, <br /> GAPS controls payments for the Department's programs, including payments for Student <br /> Financial Assistance (SFA) program grants, direct loans, and various other program - related <br /> obligations. <br /> GAPS PAYEE HOTLINE Department of Education office /service responsible for: assisting <br /> GAPS customers, accumulating financial data, and processing GAPS payments. The Hotline <br /> phone number is 1- 888 - 336 -8930. <br /> GRANT AWARD NUMBER The Department of Education assigns a unique, eleven- character <br /> number to identify a grant award issued by a specific program office to a specific grantee. <br /> Each grant award has a series of codes identifying: the program office issuing the award, the <br /> CFDA code, the funding fiscal year, and the organization receiving the grant. For example, the <br /> grant award number P063P9821111 refers to a grant issued by the Pell Grant program office <br /> within the Office of Postsecondary Education during the 1998 fiscal year. <br /> LIQUIDATION PERIOD Liquidation is the period immediately following the end of the <br /> performance period of a grant award. This is the first step in the closeout process. See also <br /> award periods. <br /> M- ACCOUNT LEGISLATION The National Defense Authorization Act of 1991 (PL 101 -510, <br /> 31 USC § 1551), also referred to as the M- Account Legislation, prescribes that federal <br /> agencies track and report on federal funds in the current year and for five years after the award <br /> expiration date (period of availability). After the five years, the Department of Treasury will <br /> cancel any unexpended or unobligated funds remaining on an award. These funds cannot be <br /> restored. (X -year funds are excluded.) <br /> http: / /e- grants .ed.gov /gapsweb/help /intro.html 6/18/2002 <br />