§ 37.820. Must I require a recipient to return interest on advance payments?
128 words·~1 min read·
/us/cfr/t32/s§ 37.820·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If your expenditure-based TIA provides for either advance payments or payable milestones, the agreement must require the recipient to:
(a)Maintain in an interest-bearing account any advance payments or milestone payment amounts received in advance of needs to disburse the funds for program purposes unless:
(1)The recipient receives less than \$120,000 in Federal grants, cooperative agreements, and TIAs per year;
(2)The best reasonably available interest-bearing account would not be expected to earn interest in excess of \$1,000 per year on the advance or milestone payments; or
(3)The depository would require an average or minimum balance so high that it would not be feasible within the expected Federal and non-Federal cash resources for the project.
(b)Remit annually the interest earned to the administrative agreements officer.