How may interest or investment income that accrues on funds awarded under a funding agreement be used?
Primary source
Verbatim text below is from the Electronic Code of Federal Regulations (eCFR), a public-domain U.S. government work. Always verify the current version with the eCFR before relying on it for any legal matter.
Full Text
(a) Interest or income earned on investments or deposits of awards made under a funding agreement may be:
(1) Used for any governmental purpose approved by the Tribe/Consortium; or
(2) Used to provide expanded services under the funding agreement and to support some or all of the costs of investment services.
(b) The retention of interest or investment income under paragraph (a) of this section shall not diminish the amount of funds a Tribe/Consortium is entitled to receive under a funding agreement in the year the interest or income is earned or in a subsequent fiscal year.
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