Common use of Interest-Bearing Accounts Clause in Contracts

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. 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, RockvilleXxxxxxxxx, MD 20852XX 00000. 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. The Grantee must deposit advance funds received from the Corporation in federally-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 feasib le within expected federal and non-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.