Guam – A deal was finally reached Wednesday amongst the Guam Department of Education, U.S. DOE and the still unannounced third party fiduciary agent.
DOE Superintendent Dr. Nerissa Underwood Underwood said, “We have an attorney finalizing the contract. The contract here has to be approved by the attorney general, Governor Felix Camacho, the U.S. DOE and the third party. We are trying to expedite the contract signing.”
She called it a big step forward which will lead to freeing up millions of federal dollars for DOE, money that has been on hold until the fiduciary agent is in place.
The U.S. DOE has required the third-party financial manager to handle the bulk of DOE’s federal funds.
Underwood says, in the meantime, the US DOE has agreed to allow Guam’s DOE to use ARRA funds until a third party is in place.