Interest-Bearing Accounts. The Awardee must deposit advance funds received from the Corporation in federally-insured, interest bearing accounts. The exceptions to this requirement are:
Interest-Bearing Accounts. 1. The CAR must deposit advances of cooperative agreement funds (as described in Section VII.A., Methods of Disbursement) and program income (as defined earlier) in an interest- bearing account.
2. For interest earned on advances, CARs and subgrantees are subject to the provisions of 2 CFR § 200.305(b)(7)(ii) relating to remitting interest on advances to EPA on a quarterly basis.
3. Interest earned on program income is considered additional program income.
Interest-Bearing Accounts. How do we calculate interest for an interest-bearing account? The terms related to any interest earned on your account are provided separately in the applicable Truth in Savings Disclosure for your account. Federal law allows us the right to require seven days written notice before you withdraw money from any savings or money market account. It is not generally our policy to do so. Requests for large cash withdrawals may require advance notice to ensure cash is available. On an annual basis, we are required to report to you and the Internal Revenue Service ("IRS") interest payments, rebates, or bonuses that total $10 or more on your account(s) over the course of the year. We will mail the appropriate tax filing form to the address we have on file for your account. If there is more than one owner on the account, we will report on/for the person or entity designated in our records as the tax reporting name. When you open an account, you are required to provide a certified
Interest-Bearing Accounts. The Grantee must deposit advance funds received from the Corporation in federally-insured, interest-bearing accounts. The exceptions to this requirement are:
i. Institutions of Higher Education and Other Non-Profit Organizations. If a Grantee is covered by 45 C.F.R. 2543 it must maintain advance funds in interest-bearing accounts unless:
(a) It receives less than $120,000 in federal funds per year;
(b) The best reasonably available account would not be expected to earn interest in excess of $250 per year on federal cash balances; or
(c) The required minimum balance is so high that it would not be feasible within expected federal and non-federal cash resources. Earned interest must be remitted annually to HHS-PMS, Rockville, MD 20852. Grantees may keep up to $250 of interest per year to offset administrative expenses.
ii. State and Local Governments. All Grantees and sub-grantees covered by 45 C.F.R. 2541, with the exception of State Governments and Indian Tribes, must remit earned interest quarterly to the Corporation. Grantees may keep up to $100 of the earned interest per year to offset administrative expenses.
Interest-Bearing Accounts. In accordance with 2 CFR Part 200 (Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards), the Subgrantee shall maintain advances of federal funds in interest bearing accounts, unless the following apply:
1. The Subgrantee receives less than $250,000 in federal awards per year.
2. The best reasonably available interest-bearing account would not be expected to earn interest in excess of $500 per year on federal cash balances.
3. The depository would require an average or minimum balance so high that it would not be feasible within the expected federal and non-federal cash resources. Subgrantees not maintaining advances of federal funds in interest bearing accounts because of one or more of the conditions listed above, shall have available for Grantee inspection, documentation supporting the Subgrantee's decision to not maintain advances of federal funds in interest bearing accounts. In accordance 2 CFR Part 200 (Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards), any interest earned on advances of federal funds must be remitted annually to the U.S. Department of Health and Human Services. For further information, please refer to xxxxx://xxx.xxx.xxx/grant- recipients/returning-funds-interest.html. Interest amounts up to $500 per year, based on the Subgrantee's fiscal year, may be retained by the Subgrantee for administrative expenses. Subgrantees with electronic fund transfer (EFT) capabilities should use the electronic medium to remit interest.
Interest-Bearing Accounts. The Awardee must deposit advance funds received from CNCS in federally-insured, interest bearing accounts. The exceptions to this requirement are:
Interest-Bearing Accounts. How do we calculate interest for an interest-bearing account? We provide the terms related to any interest earned on your account separately in the applicable disclosure for your account. What withdrawal and transfer limits apply to our savings and money market accounts? When are we required to withhold interest ("backup withholding")?
Interest-Bearing Accounts. The Treasury guidance referenced in Section 1.6 states the following: May recipients deposit Fund payments into interest bearing accounts? Yes, provided that if recipients separately invest amounts received from the Fund, they must use the interest earned or other proceeds of these investments only to cover expenditures incurred in accordance with section 601(d) of the Social Security Act and the Guidance on eligible expenses. If a government deposits Fund payments in a government’s general account, it may use those funds to meet immediate cash management needs provided that the full amount of the payment is used to cover necessary expenditures. Fund payments are not subject to the Cash Management Improvement Act of 1990, as amended. To the extent applicable to this Agreement, the Grantee shall record any and all interest accrued on Grant funds while Grantee is holding said Grant funds and shall report any such interest to OPB. The Grantee shall either provide documentation showing that said interest was used for allowable costs or remit all unused interest to OPB no later than the conclusion of the performance period as provided by Section 1.5 of this Agreement.
Interest-Bearing Accounts. (Applies to Business Money Market, Business Money Market Sweep and Consumer Money Market Accounts)
Interest-Bearing Accounts. An interest-bearing Account may earn interest on the daily balance or average daily balance and at a variable interest rate and annual percentage yield set by Bank from time to time. Bank may, at any time, in its discretion, change the basis for payment of interest or the annual percentage yield, or may discontinue the payment of interest. Bank may at any time, in its discretion, set maximum Account balances upon which interest will be paid, and set minimum Account daily or average daily balances below which interest will not be paid.
