Guam – The third party fiduciary agent appointed to oversee the federal funds for the island’s public schools has told Guam Education officials that as soon as next week, Guam DOE should be able to resume drawing down its allotment of federal funds and get reimbursed for local funds it has already spent on federally funded program
On the K-57 Breakfast Show this morning [Tuesday], School Superintendent Dr. Nerissa Underwood said that the third party agent, Alvarez and Marsal, meet with the Guam Education Policy Board, and the Legislature’s Education Committee Chair, Speaker Judi Won Pat and informed them that “hopefully by the end of this week, and no later than the 8th of December, we will be able to start the draw down and they will reimburse us for the local funds.”
“This is really, really, good news for Guam DOE, and Guam as a whole,” said Underwood.
Last year, after the feds raised questions about Guam DOE’s management of its federal funds, U.S. DOE insisted that a third party be appointed to oversee the management of that money.
Read the Agreement for the 3erd Party Fiduciary Agent
In September of this year, Alvarez and Marsal, was officially named the third party fiduciary agent.
It has been more than a year since the freeze went into effect and more than $40 million dollars in federal funds meant for the island’s Public School system have been frozen. And Governor’s Deputy Chief of Staff Shawn Gumataotao has told PNC News that $20 million dollars from the island’s General Fund has had to be used to subsidized the school system’s federal programs.
