A local government was awarded a federal grant in the amount of $600,000 to provide for a summer employment program for young people. The grant was a reimbursement grant and was awarded on April 30, 2009. The local government expended the resources as follows: June, 2009, $220,000; July 2009, $200,000; August, 2009, $180,000. The federal government provided the funds the following months. The local government would recognize revenues for the fiscal year ended June 30, 2009 in which amount?

Question

Quizplus · Accepted Answer

The local government would recognize revenues of $220,000 for the fiscal year ended June 30, 2009, as this is the amount expended by that date and eligible for reimbursement.

A Local Government Was Awarded a Federal Grant in the Amount