January 15, 2020 18:45 Updated Follow Each grant year should have its own fund to provide separate accounting of the grant and facilitate reporting. Related articles Rainy Day fund: Is appropriation needed? Is there a State grant project income fund for probation? Is an ordinance needed? How do you determine useful lives? Grants overdrawn for 10 years? Can you repay from Rainy Day? Do I need to submit quarterly reports for my grant project?