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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.