§ 37.820 Must I require a recipient to return interest on advance payments?
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Title 32—National Defense > Subtitle A—Department of Defense > CHAPTER I—OFFICE OF THE SECRETARY OF DEFENSE > SUBCHAPTER C—DoD GRANT AND AGREEMENT REGULATIONS > PART 37—TECHNOLOGY INVESTMENT AGREEMENTS > Subpart G—Award Terms Related to Other Administrative Matters > Payments
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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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