| Nutrition Services Division |
|
| To: Summer
Food Service Program Sponsors |
Number: 99-702 |
| From: Summer Food Service Program Unit |
Date: January 1999 |
| Attention: Authorized Representatives | |
| Subject: Advanced Federal Funds in Interest Bearing Accounts |
|
| Reference: APB: SFS-98-21; SA-9-3-GEN |
|
This Management Bulletin disseminates instructions from the United States Department of Agriculture (USDA), Food and Nutrition Service (FNS), regarding requirements for nonprofit organizations maintaining interest bearing accounts on advanced federal funds. Sponsors may retain interest in amounts up to $100 per year for administrative expenses. Any additional interest earned must be remitted, at least quarterly, to the California Department of Education (CDE). The CDE will remit these funds to USDA, FNS.
This requirement does not apply to state agencies or to nonprofit organizations that are an entity of the state and covered by the provisions of the Cash Management Improvement Act of 1990 under Public Law 101-153.
