CFR 7-245.15-2014 Agriculture. Part245:Determining eligibility for free and reduced price meals and free milk in schools. Section245.15:Program income other than grants.
(a) Interest earned on advances. Interest earned on advances of Program funds at the State and local levels shall be treated in accordance with the provisions of 31 CFR part 205, which implement the requirements of the Cash Management Improvement Act of 1990. However, State agencies will not incur an interest liability to the Federal government on rebate funds for infant formula or other foods, provided that all interest earned on such funds is used for program purposes.
CFR 7-245.15-2014 history
2006CFR 7-245.15-2014 Agriculture. Part245:Determining eligibility for free and reduced price meals and free milk in schools. Section245.15:Program income other than grants.