As you may know, the President signed the American Recovery and Reinvestment Act into law on Tuesday. The final price tag of the measure is $787.2 billion. We wanted to provide you with as much detailed information as we know at this point concerning the final agreement and what to expect concerning the funding.

Timeline

On Tuesday, the White House launched www.Recovery.gov immediately after the law was signed. The site includes information about the Federal grants, allocations of formula grants , awards and contracts that are included in the Stimulus package. It is our understanding the White House wants to use this as a clearing house of information for all Federal Agencies.

They state on the site that “as money starts to flow, far more data will become available.”

Below is a timeline of the goals for the American Recovery and Reinvestment Act:

• February 19, 2009 - Federal Agencies to begin reporting their formula grant awards
  
  
• March 3, 2009 – Federal Agencies to begin reporting use of funds
  
  
• May 3, 2009 – Federal Agencies to make Performance Plans publicly available Federal Agencies to begin reporting their allocations for entitlement programs.
  
  
• May 15, 2009 – Detailed agency financial reports to become available.
  
  
• May 20, 2009 – Federal Agencies to begin reporting their competitive grants and contracts
  
  
• July 15, 2009 – Recipients of Federal funding to begin reporting on their use of funds.

Yesterday the Office of Management and Budget released their initial guidance for Federal Agencies to carry out the programs enacted in the Stimulus package. We have attached a copy of the guidance here.

We will continue to keep you informed as information is made available to us. Please do not hesitate to contact us with any questions.