Common use of INTEREST EARNED Clause in Contracts

INTEREST EARNED. A. If Contractor 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). Contractor shall maintain in its files full documentation of such interest earnings and expenditures. B. If Contractor is a nonprofit, it shall maintain any advances of funds or contributions received under this Contract in interest-bearing accounts, unless “a” or “b” below apply: i. The best reasonably available interest-bearing account would not be expected to earn interest in excess of $500 per year on the funds deposited pursuant to this Contract combined with other federal cash balances, if any, maintained by Contractor; or ii. The depository would require an average or minimum balance so high that it would not be feasible within the expected cash resources Contractor expects to receive under this Contract. 1. Contractor’s Budget: 2. The above Cost Categories is an overview of the actual budget approved by the Office on Aging. Contractor shall be responsible for and maintain the approved Budget Summary by Funding Source and Revenue Sources spreadsheet that is provided to Contractor from Office on Aging. The Budget Summary by Funding Source and Revenue Sources spreadsheet shall be maintained and completed in accordance with the Office on Aging policies and processes. Any deviation from the Office on Aging approved budget, may and can delay acceptance of budgets and/or reimbursements.

INTEREST EARNED. A. If Contractor 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). Contractor shall maintain in its files full documentation of such interest earnings and expenditures. B. If Contractor is a nonprofit, it shall maintain any advances of funds or contributions received under this Contract in interest-bearing accounts, unless “a” or “b” below apply: i. The best reasonably available interest-bearing account would not be expected to earn interest in excess of $500 per year on the funds deposited pursuant to this Contract combined with other federal cash balances, if any, maintained by Contractor; or ii. The depository would require an average or minimum balance so high that it would not be feasible within the expected cash resources Contractor expects to receive under this Contract. 1. Contractor’s Budget:: Administration Costs 2. The above Cost Categories is an overview of the actual budget approved by the Office on Aging. Contractor shall be responsible for and maintain the approved Budget Summary by Funding Source and Revenue Sources spreadsheet that is provided to Contractor from Office on Aging. The Budget Summary by Funding Source and Revenue Sources spreadsheet shall be maintained and completed in accordance with the Office on Aging policies and processes. Any deviation from the Office on Aging approved budget, may and can delay acceptance of budgets and/or reimbursements.

INTEREST EARNED. A. If Contractor 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). Contractor shall maintain in its files full documentation of such interest earnings and expenditures. B. If Contractor is a nonprofit, it shall maintain any advances of funds or contributions received under this Contract in interest-bearing accounts, unless “a” or “b” below apply: i. The best reasonably available interest-bearing account would not be expected to earn interest in excess of $500 per year on the funds deposited pursuant to this Contract combined with other federal cash balances, if any, maintained by Contractor; or ii. The depository would require an average or minimum balance so high that it would not be feasible within the expected cash resources Contractor expects to receive under this Contract. 1. ContractorSubrecipient’s Budget: 2. The above Cost Categories is an overview of the actual budget approved by the Office on Aging. Contractor Subrecipient shall be responsible for and maintain the approved Budget Summary by Funding Source and Revenue Sources spreadsheet that is provided to Contractor Subrecipient from Office on Aging. The Budget Summary by Funding Source and Revenue Sources spreadsheet shall be maintained and completed in accordance with the Office on Aging policies and processes. Any deviation from the Office on Aging approved budget, may and can delay acceptance of budgets and/or reimbursements.