GIM 18
Attachment A
Part 9
INTEREST EARNED ON ADVANCES OF GRANT FUNDS
[SUBPART OF CHAPTER - PHS GRANTS POLICY STATEMENT 4-1-94]
Except as provided in 45 CFR Part 74.47(b), public and private
nonprofit institutions of higher education, public and private nonprofit
hospitals, and other private nonprofit grantees shall maintain advances
of Federal funds in interest- bearing accounts. Except as provided in 45
CFR Part 92.21(i), interest earned on Federal advances deposited in such
accounts shall be remitted promptly, but at least quarterly, to the Federal
agencies that provided the funds.
Interest amounts up to $100 per recipient fiscal year may be retained
by the recipient for administrative expenses. The $100 pertains to the
total interest earned on all Federal advances from all Federal agencies.
Where a grantee institution earns interest on advances from two or more
Federal sources, the grantee is not required to prorate the $100
retainer among its various Federal funding source but may elect to
deduct it from whichever Federal funding source it chooses.
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