Section 225.20 - When may a grantee draw down funds?(a) A grantee may draw down funds after it has signed a performance agreement acceptable to the Department of Education and the grantee.(b) A grantee may draw down and spend a limited amount of funds prior to reaching an acceptable performance agreement provided that the grantee requests to draw down and spend a specific amount of funds and the Department of Education approves the request in writing. 70 FR 15003 , Mar. 24, 2005, as amended at 84 FR 25998 , June 5, 2019