US Letter of Credit (LOC) Agreements | United Nations Development Programme

1	Step Negotiate and sign agreements at Business Unit level (sign with the local US Federal Government Agency)	Responsible Party	Template/Guideline	Explanatory Notes
2	Step Agree on frequency of interim FFR-425 reporting requirements and deadline with local COTR/AOTR	Responsible Party	Template/Guideline	Explanatory Notes Prior to signing agreement
3	Step Submit a copy of signed grant agreement to GSSC for recording in Quantum Portfolio Project Management (PPM) Contract Module	Responsible Party	Template/Guideline	Explanatory Notes As soon as grant agreement is signed (within 1 week of signature)
4	Step Creation of Project in the Portfolio Project Management (PPM)	Responsible Party	Template/Guideline	Explanatory Notes As soon as the project budget is finalized (before agreement is signed)
5	Step Credit revenue to project in PPM	Responsible Party	Template/Guideline	Explanatory Notes Upon receipt of signed agreement or amendment and after confirming the grant has been obligated
6	Step File quarterly FFR-425 to local US Federal Government Agency office	Responsible Party	Template/Guideline	Explanatory Notes As agreed with COTR/AOTR
7	Step Manage agreement against required filing dates and expiry date	Responsible Party	Template/Guideline	Explanatory Notes As per agreement requirements
8	Step File final FFR-425 (individual grant)	Responsible Party	Template/Guideline	Explanatory Notes Within 90 days of grant expiry following expenses certification by UNDP Office
9	Step File quarterly FFR-425 (consolidated for all grants)	Responsible Party	Template/Guideline	Explanatory Notes Within 30 days of quarter’s end following expenses certification by UNDP Office
10	Step Expenses certification	Responsible Party	Template/Guideline	Explanatory Notes Submit quarterly and upon grant expiry to GSSC
11	Step Year-end Adjustment of Revenue	Responsible Party	Template/Guideline	Explanatory Notes At year-end as part of year-end closing
12	Step Project Operational Close	Responsible Party	Template/Guideline	Explanatory Notes By the grant expiry date
13	Step Project Financial Close	Responsible Party	Template/Guideline	Explanatory Notes UNDP Office to submit UNITY/ UNall informing GSSC to financially close the project after operational closure but not more than 90 days after grant expiry
14	Step Cash Draw-Down	Responsible Party	Template/Guideline	Explanatory Notes Quarterly or other period to be determined by GSSC
15	Step Grant Extension Notification to GSSC	Responsible Party	Template/Guideline	Explanatory Notes UNDP Office within 1 week of extension approval
16	Step Notification of Grant Expiry	Responsible Party	Template/Guideline	Explanatory Notes 60 days prior to grant expiry date
17	Step Processing Refunds and De-Obligations	Responsible Party	Template/Guideline	Explanatory Notes After submission of Final FFR-425