6 Miss. Code. R. 2-1.7
All CARES Act grant programs, including those established under the Community Foundations Act, are subject to the federal financial standards of the "Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards" (2 C.F.R. Part 200). For this reason, the Community Foundations and the North Mississippi Education Consortium must adhere to those provisions, both in the awarding of grants and in the use of the funds for their own administrative expenses, and must meet all compliance requirements of those federal regulations through adequate record keeping and documentation. Failure to do so may subject the entity to compliance findings, demands for repayment of federal funds, and referrals to appropriate federal and state authorities with jurisdiction to review such matters.
6 Miss. Code. R. 2-1.7