How often does interest earned on federal projects have to be returned to the Arizona Department of Education (ADE)?

Interest earned on federal funds in excess of $100 per project must be returned to the ADE Accounting Office at least quarterly during the project period (Johnson O’Malley is currently exempt from this rule). If the interest in excess of $100 is returned at least quarterly, then in the Completion Report only state whatever interest has been earned on the project in the last quarter.

Interest earned on state funds may or may not be required to be returned to the ADE. See the “Contacts” section to contact the appropriate program office for specific guidelines.

For more information go to: http://www.ade.az.gov/GME/Additional_Information/FrequentlyAskedQuestionsCarryoverInterest.asp