Treasury Notice for Coronavirus State and Local Fiscal Recovery Funds

The U.S. Department of Treasury (Treasury) has announced that they will be monitoring recipients of Coronavirus State and Local Fiscal Recovery Funds. Recipients were required to obligate their funds by December 31, 2024. If funds were expended incorrectly or were not obligated, Treasury is committed to recouping them. Quarterly reporters were required to submit their latest report to Treasury by January 31, 2025, covering obligations through the obligation deadline. Annual reporters will submit their next report to the Treasury between April 1 and April 30, 2025, covering obligations through the obligation deadline.

As a result of its commitment to recoup the use of impermissible funds or to recapture funds that were not obligated by December 31, 2024, your organization may receive Information Document Requests and will be expected to promptly comply with such requests. Also, Treasury will soon begin sending “Financial Instructions to Return Unobligated Funds” to recipients that did not fully obligate their award funds by December 31, 2024, based on the latest data available to the Treasury.

If you have any questions regarding Treasury’s compliance requirement, please contact a member of your audit team.