- October 17, 1997
TO : STATE AND AREA AGENCIES ON AGING
ADMINISTERING PROGRAMS UNDER TITLE III OF THE OLDER AMERICANS
ACT OF 1965, AS AMENDED.
SUBJECT : INTEREST-BEARING BANK ACCOUNTS
LEGAL AND RELATED REFERENCES : OMB CIRCULAR A-110 AND
45 CFR Part 74
This program instruction is being issued by
the Administration on Aging to remind you that nonprofit subrecipients
are required under OMB Circular A-110 and 45 CFR Part 74, to maintain
advances of federal funds in interest-bearing bank accounts.
The provisions of 45 CFR 74.22(k) require deposits to be made
in interest-bearing accounts, and 45 CFR 74.22(l) requires that
the interest earned on federal advances deposited in interest-bearing
accounts be remitted annually, through the state agency, to the
Department of Health and Human Services, Payment Management System
(PMS), P.O. Box 6021, Rockville, MD 20852.
Interest amounts up to $250 per year may be retained by the recipient
for administrative expenses.
Inquiries: Contact Gwendolyn Johnson, of PMS,
at (301) 443-9195.
William F. Benson
Acting Principal Deputy Assistant
Secretary for Aging
INQUIRIES: Inquiries should be addressed to Regional Administrators
on Aging, DHHS regional offices.
Last Modified: 12/31/1600