Total Recovery Funding as of June 30, 2012 |
| Funds Awarded – Contracts, Grants, Loans |
$282,889,856,575 |
| Entitlements Paid Out |
$212,632,439,067 |
| Tax Credits Paid Out |
$290,700,000,000 |
| Grants in Lieu of Tax Credits |
$18,000,000,000 |
| Total |
$804,222,295,642 |
Contract, Grant, and Loan Recovery Funds as of June 30, 2012 |
| Appropriations |
$293,396,084,469 |
| Funds Awarded |
$282,889,856,575 |
| Funds to be Awarded |
$5,870,112,539 |
| Expired Funds |
$2,003,546,271 |
In early 2012, the Board initiated a project to review the status of all Recovery funding. Starting with the appropriations specified by Congress in the Recovery Act, the goal was to determine, agency by agency, the total funds awarded, the funds still to be awarded, and any expired funds.
The Board collected data on contract, grant, and loan awards, plus funds paid out for entitlements, tax credits, and Grants in Lieu of Tax Credits (two Treasury Department cash payment programs) to produce the overall picture of Recovery funding as of June 30, 2012.
Contract, Grant, Loan and Entitlement Details
Tax Credit Details
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Terms Used in This Report
appropriations: Amounts
designated by Congress for specific programs
funds awarded: Amounts distributed by agencies in the form of contract, grant, and loan awards
to be awarded: Difference between the appropriations
and the funds awarded
expired: Amounts that agencies did not distribute by the deadlines in the Recovery Act, deadlines in the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), or deadlines set by the Office of Management and Budget.
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Appropriations
In the Recovery Act, Congress designated specific amounts for programs, such as broadband, medical research, clean water, and high speed rail. Entitlements and tax credits do not receive appropriations.
Contract, Grant, Loan and Entitlement Details
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Funds Awarded
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Every agency receiving Recovery Act appropriations distributed the funding in the form of contract, grant, and loan awards. Each week,
the agencies are required to submit Financial and Activity reports outlining
the cumulative amounts of the awards made to states, non-profit
organizations, universities, and large and small companies.
Contract, Grant, Loan and Entitlement Details
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Funds To Be Awarded
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Expired Funds
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In order to push Recovery funding into the economy quickly, Congress set
specific deadlines in the Recovery Act for the federal agencies to
distribute the funds. Of the $804 billion awarded as of June 30, 2012, more
than $2 billion appropriated by Congress expired — meaning the
appropriations were not awarded or used within specified time frames. Agencies might also have adjusted an award amount
with funds being returned to the agency.
The expired funds are kept on an agency’s books for five years to cover invoices for the projects; at the end of the five years, the funds are returned to the Treasury.
In addition to deadlines in the Act, the Dodd-Frank Act and the Office of Management and Budget also imposed deadlines on the agencies to distribute funds.
Contract, Grant, Loan and Entitlement Details
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Recipient Reported Information
To provide transparency on all Recovery funding and awards, the Board pulled the data reported by the recipients of Recovery contract, grant, and loan awards as of June 30, 2012. The recipients had reported on 268,701 awards and indicated that cumulatively from February 2009, the total amount awarded for contracts, grants, and loans was $278B and the total received amount was $210B.
Contract, Grant, Loan and Entitlement Details
Recipient Reported Information as of June 30, 2012 |
| Amount Awarded |
$275,751,591,260 |
| Amount Received |
$217,694,817,918 |
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Methodology for Collecting Data
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The appropriation amounts were gathered directly from the Recovery Act; the funds-awarded amounts for contract, grants, loans, and entitlements
were gathered from the weekly Financial and Activity Reports submitted by the agencies; and the tax credit data
was gathered from the IRS.
To determine the funds still to be awarded, the funds awarded were subtracted from the appropriations amounts. Using deadlines designated in the
Recovery Act for certain programs, the deadline of December 31, 2012 for awarding all Recovery funds in the Dodd-Frank Act, and deadlines in
guidance issued by the Office of Management and Budget, the Board staff was able to establish the expired funds for each agency.
The Board staff and the Inspectors General at each of the 29 agencies receiving Recovery funds worked with the agencies to verify the data and, when necessary, send corrections or changes to the Board. The data will be updated quarterly.
Contract, Grant, Loan and Entitlement Details
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