While the University does not generally establish interest-bearing accounts for sponsored projects, it will do so in certain circumstances. The Office of Grants and Contracts submits a memo to the Restricted Funds Division of the Controller's Office requesting that the funds be placed in an interest-bearing account. A copy of the award letter stating that the funds must be in such an account and a copy of the SPBA are attached to this memo. When issued, the SPBA will indicate at the bottom that the account is interest-bearing. If you believe that your account should have been designated interest-bearing and it was not, please contact your Project Officer.
Interest is paid annually after the end of the fiscal year.