Common use of INTEREST EARNED Clause in Contracts

INTEREST EARNED. i. If SUBRECIPIENT earns interest on funds received pursuant to this CONTRACT, that interest shall be identified as income to the program(s) for which this CONTRACT provides and shall be used and expended only for said program(s). SUBRECIPIENT shall maintain in its files full documentation of such interest earnings and expenditures. ii. If SUBRECIPIENT is a nonprofit it shall maintain any advances of funds or contributions received under this CONTRACT interest-bearing accounts, unless “a” or “b” below apply: a. The best reasonably available interest-bearing account would not be expected to earn interest in excess of $250 per year on the funds deposited pursuant to this CONTRACT combined with other federal cash balances, if any, maintained by SUBRECIPIENT; or b. The depository would require an average or minimum balance so high that it would not be feasible within the expected cash resources SUBRECIPIENT expects to receive under this CONTRACT.

INTEREST EARNED. i. A. If SUBRECIPIENT Subrecipient earns interest on funds received pursuant to this CONTRACTContract, that interest shall be identified as income to the program(s) for which this CONTRACT Contract provides and shall be used and expended only for said program(s). SUBRECIPIENT Subrecipient shall maintain in its files full documentation of such interest earnings and expenditures. ii. B. If SUBRECIPIENT Subrecipient is a nonprofit it shall maintain any advances of funds or contributions received under this CONTRACT Contract interest-bearing accounts, unless “a” or “b” below apply: a. The best reasonably available interest-bearing account would not be expected to earn interest in excess of $250 500 per year on the funds deposited pursuant to this CONTRACT Contract combined with other federal cash balances, if any, maintained by SUBRECIPIENTSubrecipient; or b. The depository would require an average or minimum balance so high that it would not be feasible within the expected cash resources SUBRECIPIENT Subrecipient expects to receive under this CONTRACTContract.

INTEREST EARNED. i. A. If SUBRECIPIENT Subrecipient earns interest on funds received pursuant to this CONTRACTContract, that interest shall be identified as income to the program(s) for which this CONTRACT Contract provides and shall be used and expended only for said program(s). SUBRECIPIENT Subrecipient shall maintain in its files full documentation of such interest earnings and expenditures. ii. B. If SUBRECIPIENT Subrecipient is a nonprofit nonprofit, it shall maintain any advances of funds or contributions received under this CONTRACT Contract in interest-bearing accounts, unless “a” or “b” below apply: a. i. The best reasonably available interest-bearing account would not be expected to earn interest in excess of $250 500 per year on the funds deposited pursuant to this CONTRACT Contract combined with other federal cash balances, if any, maintained by SUBRECIPIENTSubrecipient; or b. ii. The depository would require an average or minimum balance so high that it would not be feasible within the expected cash resources SUBRECIPIENT Subrecipient expects to receive under this CONTRACTContract.