For the last several months, our PIs have received "demands" from their
ONR technical monitors to "spend" or "drawdown" their FY 95 funds by
Feb. 16 or unspent funds will be rescinded.  This information has been
informally confirmed by our fiscal contacts at ONR.  We are seriously
considering drawing down these funds.  We know that we will have to
keep the funds in a separate, interest bearing account and return all
interest to the feds.  We can find no provision of A-110 or A-21 that
specifically prohibits this type of advance.

I would be interested to know if you are experiencing anything like this
on your campus and what if anything you plan to do about it.   What are
the consequences of drawing down large amounts of federal funds well
in advance of when they will be expended ?

Thanks for your help
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Bob E. Wolfson ; Executive Director
Old Dominion University Research Foundation
P.O. Box 6369 / 800 West 46 Street; Norfolk, Virginia 23508-0369
(V) (804)-683-4293 ext: 500; (F) (804) 683-5290
(E) xxxxxx@pobox.hprf.odu.edu
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