Payment.

CFR · 2024-01-01 · US · Title 10

(a) (1) (2) (b) (2) Advance payments, as described in paragraph (a)(2) of this section, may be used in exceptional circumstances, subject to the following conditions: (i) The contracting officer, in consultation with the program official, determines in writing that advance payments are necessary or will materially contribute to the probability of success of the project contemplated under the award ( (ii) Cash advances must be limited to the minimum amounts needed to carry out the program. (iii) Recipients and DOE must maintain procedures to ensure that the timing of cash advances is as close as is administratively feasible to the recipients' disbursements of the funds for program purposes, including direct program or project costs and the proportionate share of any allowable indirect costs. (iv) Recipients must maintain advance payments of Federal funds in interest-bearing accounts, and remit annually the interest earned to the contracting officer for return to the Department of Treasury's miscellaneous receipts account, unless one of the following applies: (A) The recipient receives less than $120,000 in Federal awards per year. (B) The best reasonably available interest bearing account would not be expected to earn interest in excess of $250 per year on Federal cash balances. (C) The depository would require an average or minimum balance so high that establishing an interest bearing account would not be feasible, given the expected Federal and non-Federal cash resources. (c

official document · source cfr-2024 · id 10:§ 600.312