Interest earned on advances of grant funds
6.3 Interest Earned on Advances of Grant Funds
Except as provided in 2 CFR Part 200.305(b)(8) and 45 CFR Part 75.305, any NIH recipient subject to the requirements of 2 CFR Part 200 and 45 CFR Part 75 that receives advance payments must maintain those advances in an interest-bearing account.
Recipients are expected to promptly return any funds not spent within three business days. As provided in 2 CFR Part 200.305(b)(9) and and 45 CFR Part 75.305 subject to the requirements of 2 CFR Part 200 and 45 CFR Part 75 and to the extent required by law, interest earned on Federal advance payments deposited in interest-bearing accounts must be remitted annually to the Department of Health and Human Services, Payment Management System The HHS centralized grants payment system operated by the Payment Management Service, Program Support Center. Most HHS (and some other Federal government agencies') recipients receive grant payments through this system., Rockville, MD 20852. Interest amounts up to $500 per year may be retained by the non-Federal entity for administrative expense.