Cherokee Nation
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DATE: | September 24, 2004 |
MEMO CODE: | CACFP Memorandum # 2-04 |
SUBJECT: | Allowability of Cost for Directors and Officers Insurance in the Child and Adult Care Food Program |
TO: | Special Nutrition Programs All Regions |
This memorandum addresses the allowability of “Directors and Officers” (D&O) insurance as an administrative cost in the Child and Adult Care Food Program (CACFP).
The cost of D&O insurance is an allowable CACFP administrative cost, provided that the following conditions apply:
While D&O insurance is an allowable cost as described above, we believe it is important for institutions that purchase such insurance to be fully aware of all provisions and exclusions in any policy they consider.
STANLEY C. GARNETT
Director
Child Nutrition Division
The contents of this guidance document do not have the force and effect of law and are not meant to bind the public in any way. This document is intended only to provide clarity to the public regarding existing requirements under the law or agency policies.