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Code of Federal Regulations Title 10. Energy § 10.603.820 Interest on advance payments

Current as of January 02, 2025 | Updated by Findlaw Staff

If an 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 contracting officer.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 10. Energy § 10.603.820 Interest on advance payments - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-10-energy/cfr-sect-10-603-820/

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