The American Recovery and Reinvestment Act does not require these funds to be kept in a separate account. ARRA funds must be segregated, but this can be done through your accounting system. Transactions involving ARRA funds have to be clearly identifiable as such.
Remember that your granting agency, federal or state, may impose additional restrictions on grants beyond those specifically imposed by ARRA. A grantor may require the funds to be kept in a separate bank account, but that is an agency-specific rule, and not generally applicable to all ARRA receipients.
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