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Advanced Federal Funds in Interest Bearing Account


Nutrition Services Division Management Bulletin

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.

Questions:   Nutrition Services Division | 800-952-5609
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