Interest-Bearing Accounts. The Awardee must deposit advance funds received from the Corporation in federally-insured, interest bearing accounts. The exceptions to this requirement are:
Interest-Bearing Accounts. The Awardee must deposit advance funds received from CNCS in federally-insured, interest bearing accounts. The exceptions to this requirement are:
Interest-Bearing Accounts. If your Account earns interest, the following information applies: Calculation and Payment of Interest. We will pay interest at the annual rate specified on the Rate and Fee Disclosure provided to you when you open an Account. The Schedule also sets forth the frequency of interest payments, how frequently interest is compounded and credited, if at all, the interest accrual basis, the balance on which interest will be paid, and any minimum balance required to be eligible to receive interest. If the interest rate is applied to the “average daily balance”, such is determined by adding the full amount of principal in the Account for each day of the period and dividing that figure by the number of days in the period. If the interest rate is applied to the “daily balance”, such method applies a daily periodic rate to the full amount of principal in the Account each day. Interest may be compounded more frequently than interest is credited to your Account. We may accrue interest on your Account more frequently than we pay or credit interest. The interest that has been calculated, but not paid to the Account, is called accrued unpaid interest. Minimum Balance Requirements. The Schedule may specify a minimum balance that you are required to maintain in your Account. If the minimum balance is not maintained during a specified period, we, at our option, may not pay interest on your Account and/or may charge a fee for that period. You should review any minimum balance requirements on the Schedule. Initial Interest Rate. The initial interest rate is the current annual rate of interest that we will pay on the specified balance in your Account. The interest rate on your Account may change after the initial interest rate has been established. We reserve the right to pay interest at different rates, depending on the amount deposited and/or the type of depositor, and based on other economic factors that influence interest rates.
Interest-Bearing Accounts. How do we calculate interest for an interest-bearing account? The terms related to any interest earned on your account are provided separately in the applicable Truth in Savings Disclosure for your account. Can we require prior notice before you withdraw from a savings or money market account? Federal law allows us the right to require seven days written notice before you withdraw money from any savings or money market account. It is not generally our policy to do so. Requests for large cash withdrawals may require advance notice to ensure cash is available. When do we report interest to the IRS? On an annual basis, we are required to report to you and the Internal Revenue Service ("IRS") interest payments, rebates or bonuses that total $10 or more on your account(s) over the course of the year. We will mail the appropriate tax filing form to the address we have on file for your account. If there is more than one owner on the account, we will report on/for the person or entity designated in our records as the tax reporting name. When are we required to withhold interest ("backup withholding")? When you open an account, you are required to provide a certified
Interest-Bearing Accounts. The Grantee must deposit advance funds received from the Corporation in federally-insured, interest-bearing accounts. The exceptions to this requirement are:
Interest-Bearing Accounts. 1. The CAR must deposit advances of cooperative agreement funds (as described in Section VII.A., Methods of Disbursement) and program income (as defined earlier) in an interest- bearing account.
Interest-Bearing Accounts. The Treasury guidance referenced in Section 1.6 states the following: May recipients deposit Fund payments into interest bearing accounts? Yes, provided that if recipients separately invest amounts received from the Fund, they must use the interest earned or other proceeds of these investments only to cover expenditures incurred in accordance with section 601(d) of the Social Security Act and the Guidance on eligible expenses. If a government deposits Fund payments in a government’s general account, it may use those funds to meet immediate cash management needs provided that the full amount of the payment is used to cover necessary expenditures. Fund payments are not subject to the Cash Management Improvement Act of 1990, as amended. To the extent applicable to this Agreement, the Grantee shall record any and all interest accrued on Grant funds while Grantee is holding said Grant funds and shall report any such interest to OPB. The Grantee shall either provide documentation showing that said interest was used for allowable costs or remit all unused interest to OPB no later than the conclusion of the performance period as provided by Section 1.5 of this Agreement.
Interest-Bearing Accounts. When an election is made to deposit amounts reserved in an interest bearing account in a bank, mutual savings bank, or savings and loan association, the Contractor is to select an institution. Any bank selected must be a qualified public depository under RCW 39.58.010. Funds applied to this account are sent from the Agency and cannot be withdrawn by the contractor without the Agency’s written authorization. The amounts deposited are not to be subject to withdrawal until such time as the Agency releases them. Release of such funds to the Contractor will be made pursuant to Section 4. of this Escrow Agreement. Interest earned on deposits is to be paid to the Contractor as said interest becomes payable under the terms of the deposit, pursuant to Section 2. of this Escrow Agreement. The account is to be appropriately noted by the bank, savings bank, or savings and loan association to enable that institution to report interest payments made to the Contractor to the Internal Revenue Service in the proper format.
Interest-Bearing Accounts. In accordance with 45 CFR 75 (Uniform Administrative Requirements, Cost Principles, and Audit Requirements for HHS Awards), the Subgrantee shall maintain advances of federal funds in interest bearing accounts, unless the following apply:
Interest-Bearing Accounts. An interest-bearing Account may earn interest on the daily balance or average daily balance and at a variable interest rate and annual percentage yield set by Bank from time to time. Bank may, at any time, in its discretion, change the basis for payment of interest or the annual percentage yield, or may discontinue the payment of interest. Bank may at any time, in its discretion, set maximum Account balances upon which interest will be paid, and set minimum Account daily or average daily balances below which interest will not be paid.
