WIC Interest Liability. The State shall use the following method to calculate and document State interest liabilities resulting from the WIC program: The State Treasurer shall maintain a separate ledger account for the redemption of WIC food instruments. The State shall calculate the interest liability on these funds by applying the annualized interest rate required by the CMIA to the average daily balance of Federal funds in the ledger account. Interest on WIC rebates is exempt from CMIA provided all interest earned by the State on funds is retained for program purposes.
Appears in 4 contracts
Samples: Cash Management Improvement Agreement, Cash Management Improvement Agreement, Cash Management Improvement Agreement
