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California Library Literacy Services: Allowable and Unallowable Expenses | August 2023 5 <br />Encumbered funds are those that have been deposited in the awardee's accounting system <br />and for which a budget has been provided to and approved by the State Library. <br />Interest on Grant Funds <br />Recipients are encouraged to deposit grant funds in interest-bearing accounts wherever <br />possible with the understanding that the interest will be used for library literacy purposes. <br />Interest income need not be reported on financial reports.