What action is required when funds are "Expired" in GFEBS?

What action is required when funds are "Expired" in GFEBS?

• A. An immediate freeze on all expenditures
• B. A reprogramming action or adjustment may be needed to continue expenditures
• C. A report must be submitted to the financial department
• D. No further action is necessary

Answer: (B)

When funds are classified as "Expired" in GFEBS, it indicates that the funds can no longer be used for new obligations, as they have surpassed their period of availability. However, to continue expenditures against those funds, a reprogramming action or adjustment might be necessary. This allows for the proper management of finances by moving funds appropriately or adjusting budgets to ensure that expenditures can continue in compliance with financial regulations and guidelines. Reprogramming typically involves redistributing or reallocating funds from other available sources to cover any necessary expenses that still need to be paid after the expiration of the original funds. This process ensures that the organization can maintain its operational capability without interruption, as certain expenditures may still be required even after the original funds have expired. Options that suggest a complete freeze on expenditures, mandate reporting, or indicate that no action is required do not align with the need for proactive financial management when dealing with expired funds.

When funds are classified as "Expired" in GFEBS, it indicates that the funds can no longer be used for new obligations, as they have surpassed their period of availability. However, to continue expenditures against those funds, a reprogramming action or adjustment might be necessary. This allows for the proper management of finances by moving funds appropriately or adjusting budgets to ensure that expenditures can continue in compliance with financial regulations and guidelines.

Reprogramming typically involves redistributing or reallocating funds from other available sources to cover any necessary expenses that still need to be paid after the expiration of the original funds. This process ensures that the organization can maintain its operational capability without interruption, as certain expenditures may still be required even after the original funds have expired.

Options that suggest a complete freeze on expenditures, mandate reporting, or indicate that no action is required do not align with the need for proactive financial management when dealing with expired funds.