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Letter of Credit Drawdowns
What Are Letter of Credit Drawdowns?
Most federal awards are letter of credit type awards. This means the way the university receives payment from these federal agencies are from drawdowns. There is no physical bill or invoice involved.
Grant Accounting receives the Federal Letter of Credit Drawdown and other web-based draw requests from Grants and Contracts Financial Services once a month after the close of each month to draw funds to cover expenses that have posted to the projects.
Below are the current federal agencies for which we draw and the system from which the draw is processed.
|Federal Agency||Drawdown System|
|Department of Education||G5|
|National Science Foundation||NSF Fastlane|
|Department of Health & Human Services||Payment Management System|
|Department of Homeland Security||Payment Management System|
|Department of Homeland Security||PARS|
|National Aeronautics and Space Administration (NASA)||Payment Management System|
|United States Department of Agriculture (USDA)||Payment Management System|
|United States Department of Agriculture (USDA)||ASAP|
|Department of Justice||ASAP|
|Nuclear Regulatory Commission (NRC)||ASAP|
|Department of Energy (DOE)||ASAP|
|Economic Development Administration (EDA)||ASAP|
|Department of Interior (DOI)||ASAP|
|Minority Business Development (MBD)||ASAP|
|Bureau of Reclamation||ASAP|
|United States Environmental Protection Agency (EPA)||ASAP|
| United States Department of Housing
and Urban Development (HUD)