Common use of INTEREST CALCULATION COSTS Clause in Contracts

INTEREST CALCULATION COSTS. 10.1 As set forth in 31 CFR 205.27, interest calculation costs are defined as those costs necessary for the actual calculation of interest, including the cost of developing and maintaining clearance patterns in support of the interest calculations. Interest calculation costs do not include expenses for normal disbursing services, such as processing of checks or maintaining records for accounting and reconciliation of cash balances, or expenses for upgrading or modernizing accounting systems. Interest calculation costs in excess of $50,000 in any year are not eligible for reimbursement, unless the State provides justification with the annual report. 10.2 The State expects to incur the following types of interest calculation costs: Personnel service costs, computer time, and costs of developing and producing databases and applications programming for tracking Federal funds. These costs are for the actual calculation of interest and maintenance of clearance patterns. 10.3 The State shall submit all claims for reimbursement of interest calculation costs with its Annual Report in accordance with 31 CFR 205.

INTEREST CALCULATION COSTS. 10.1 As set forth in 31 CFR 205.27, interest calculation costs are defined as those costs necessary for the actual calculation of interest, including the cost of developing and maintaining clearance patterns in support of the interest calculations. Interest calculation costs do not include expenses for normal disbursing services, such as processing of checks or maintaining records for accounting and reconciliation of cash balances, or expenses for upgrading or modernizing accounting systems. Interest calculation costs in excess of $50,000 in any year are not eligible for reimbursement, unless the State provides justification with the annual report. 10.2 The State expects to incur the following types of interest calculation costs: Personnel service costs, computer time, and costs of developing and producing databases and applications programming for tracking Federal funds. These costs are for the actual calculation of interest Development and maintenance of clearance patterns. Staff time to calculate interest liabilities. Programming costs for clearance patterns and reports for covered programs. Staff time for review of the annual report. 10.3 The State shall submit all claims for reimbursement of interest calculation costs with its Annual Report in accordance with 31 CFR 205.