StacksVerified U.S. regulatory reference

32 CFR §37.820

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
If your expenditure-based TIA provides for either advance payments or payable milestones, the agreement must require the recipient to:
  1. (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. (1)The recipient receives less than $120,000 in Federal grants, cooperative agreements, and TIAs per year;
    2. (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. (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.
  2. (b)Remit annually the interest earned to the administrative agreements officer.