Following approval of projects of the Producer State Support Program, Cotton Incorporated must follow specific procedures when disbursing the allocated funds.
Cotton Incorporated must disburse the funds for the approved projects during the fiscal period designated by the Cotton Board. Funds will be disbursed upon presentation of the required reimbursement documents. Reports of progress should be presented on a quarterly basis (or as specified in the project contract) by the cooperator.
The actual timing of the disbursement during a given fiscal period will depend on the nature of the approved project and should be described in the proposed project budget. No disbursement will be made by Cotton Incorporated beyond 45 days of the end of the fiscal period designated by the Cotton Board. All disbursements will carry standard right-to-audit provisions.
Funds can be carried over for multi-year projects or for annual projects that become delayed for acceptable reasons and become multi-year arrangements. Carryover is limited to one year and for funds amounting to $1,000 or greater. Any request for carryover requires approval by the Cotton Incorporated project manager and the respective Producer State Support Committee.