Interest earned on advances Sample Clauses
The 'Interest earned on advances' clause defines how any interest generated from funds advanced under the agreement will be handled. Typically, this clause specifies whether the interest accrues to the benefit of the party providing the advance or the party receiving it, and may outline the method of calculation and payment of such interest. Its core function is to clarify entitlement to interest income, thereby preventing disputes over financial gains resulting from the temporary holding or use of advanced funds.
Interest earned on advances. Except for interest earned on advances of funds exempt under the Intergovernmental Cooperation Act (31 U.S.C. 6501 et seq.) and the Indian Self- Determination Act (23 U.S.C. 450), grantees and subgrantees shall promptly, but at least quarterly, remit interest earned on advances to the Federal agency. The grantee or subgrantee may keep interest amounts up to $100 per year for administrative expenses.
Interest earned on advances. (1) An interest liability shall accrue on ad- ▇▇▇▇▇ payments between Federal agen- cies and State governments, as pro- vided by the Cash Management Im- provement Act (31 U.S.C. 6501, et seq.) and implementing regulations at 31 CFR part 205.
(2) Each recipient and subrecipient shall account for interest earned on ad- vances of Federal funds as program in- come, as provided at § 627.450 of this part, Program income.
Interest earned on advances. Recipients receiving advance payments must maintain those advanced funds in an interest- bearing account and promptly return any funds not spent within three (3) business days. Interest earned on federal advance payments deposited in interest-bearing accounts must be remitted annually to the Department of Health and Human Services, Payment Management System, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. Interest amounts up to $500 per year may be retained by the Recipient for administrative expenses.
Interest earned on advances. Except for interest earned on advances of funds exempt under the Intergovern- mental Cooperation Act (31 U.S.C. 6501 et seq.) and the Indian Self-Determina- tion Act (23 U.S.C. 450), grantees and subgrantees shall promptly, but at least quarterly, remit interest earned on advances to the Federal agency. The grantee or subgrantee may keep inter- est amounts up to $100 per year for ad- ministrative expenses.
Interest earned on advances. Unless there are statutory provisions to the contrary, grantees and subgrantees shall promptly, but at least quarterly, remit to the Federal agency interest earned on advances. The grantee or subgrantee may keep interest amounts up to $100 per year for administrative expenses.