Accounting: Interest Allocation Policy
Interest for educational & general funds, designated funds, plant funds, renewal/replacement funds, and MSRDP funds will be credited to one account within each of their respective fund groups based on the total "claim on cash" in that fund group.
E & G and plant fund interest income is under the control of the Presidents Office.
MSRDP interest is controlled by the MSRDP board.
All loan fund accounts will receive interest.
Endowment operating accounts will not receive interest.
All restricted gift accounts will receive interest.
All federal agencies that provide grant money prior to expenses being incurred will receive interest if they have a positive claim on cash balance. Other granting agencies that require interest to be paid as a condition of the grant qualify for interest income.
Accounts will receive interest if their "claim on cash" balances are greater than or equal to $5,000.00 the last day of the month. Federal agencies and other granting agencies that require interest income do not have a minimum balance requirement.
If you have any questions regarding the above policy, please contact Wayne Sanders at 747-7261.