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32 C.F.R. § 37.820   Must I require a recipient to return interest on advance payments?

Title 32 - National Defense

Title 32: National Defense
PART 37—TECHNOLOGY INVESTMENT AGREEMENTS
Subpart G—Award Terms Related to Other Administrative Matters
Payments

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§ 37.820   Must I require a recipient to return interest on advance payments?

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.

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