Guidance on Grant Based Accounting for Formula Grantees

Is this email not displaying correctly? View it in your browser. Guidance on Grant Based Accounting for Formula Grantees HUD has updated the Integrated Disbursement and Information System (IDIS) to phase out the first-in-first-out (FIFO) accounting methodology. These changes to  IDIS  ensure that formula grant funds are committed and disbursed in IDIS on a grant-specific basis, instead of using the FIFO (oldest money disbursed first) method that has been used for the Community Development Block Grant (CDBG), HOME Investment Partnerships (HOME), and Housing Opportunities for Persons With AIDS (HOPWA) Programs to date. Grant funds are already committed and disbursed in IDIS on a grant-specific basis for the Emergency Solutions Grants (ESG) Program. For the other formula programs, these initial changes will implement grant-specific accounting beginning with FY 2015 formula allocations. With these changes, IDIS will specifically tie activity funding/commitment and draws to specific grants in IDIS. Funds from pre-2015 formula grants will continue to be committed and disbursed in IDIS using the FIFO method. HUD has launched a Grant Based Accounting page on the HUD Exchange to provide guidance to grantees on implementing this change. The following guidance is currently available:  Fact Sheet: Transition to Grant Based Accounting CPD Memo: System and Regulatory Changes to Phase Out First-In-First-Out Accounting in IDIS Matrix of Key Changes by Program HOME FACTS Vol. 6, No. 2: HOME IDIS Grant Based Accounting Changes HUD will announce new resources via the mailing list as they are completed.