Section 2630.85  Cash Management

a)         Grantees shall make all cash depositories in accounts covered under Federal Depositors Insurance Corporation or Federal Savings and Loan Insurance Corporation agreements.

b)         Grantees shall provide bonding for every officer, director, agent or employee who handles funds (cash, checks or other instruments of payment for program cost) under this agreement. The amount of coverage shall be the higher of $100,000 or the highest cash drawdown planned during the term of this agreement.

c)         Grantees and subgrantees other than a State entity shall account for interest earned on advances of federal funds as program income, as provided for at 20 CFR, Part 627, subpart D, paragraph 627.450.

(Source:  Amended at 18 Ill. Reg. 9935, effective June 17, 1994)