Development Act; (4) Equitable Sharing Program (Federal asset forfeiture distributions to State and local officials); and (5) private funds. Length and Time Phasing of Assistance: The unit of local government must obligate and expend Block Grants funds and any interest deriving therefrom within 24 months of the date of the initial payment. The funds are awarded as a lump sum. Any funds and interest that remain unobligated at the end of the 24 months from the date of initial payment shall be returned to BJA within 27 months of the initial payment. POST ASSISTANCE REQUIREMENTS: Reports: Recipients of funding are required to submit semi-annual progress reports for the remainder of the grant period. A final report is due 90 days after the end date of the grant. All reports will be completed via the Internet. Required financial status reports (SF 269A) are due quarterly on the 45th day following the end of each calendar quarter. A report must be submitted for every quarter the award is active and will be submitted via the Internet. Audits: All organizations that expend financial assistance of $300,000 or more in any fiscal year must have a single audit for that year in accordance with OMB Circular No. A-133, as amended, and as stated in award special conditions. Records: Financial records, supporting documents, statistical records, and all other records pertinent to a grant shall be retained for a period
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