Iowa Code r. 877-17.10 - Use of 260F earned interest
(1) The community college is authorized to
use interest earned on program funds to pay administrative costs incurred as a
result of administering the program. Administrative costs include all costs
incurred from the time the application process commences minus any costs
covered by application fees paid by applicants.
(2) Earned interest which has not been spent
by the end of any state fiscal year shall be refunded to the authority within
ten days of the end of the state fiscal year. The community college may
designate and carry forward specified interest funds, as permitted by these
rules, for identified payments which will occur during the next state fiscal
year.
Notes
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