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B-149441 1 (1976-04-16)

handle is hein.gao/gaobadovt0001 and id is 1 raw text is: DICFST - TN-O C.-ULATiON / 570 COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C. Z0348 APR 16 1975 mi iocrabli Albert H. quie Os of vopreoentatives D@U.r H.o Quiet ,-h4 is in respose to you iquiry oan behalf of tr. JMes A, erkills, 7rlidnt of chatfield Ds1 39Ud, Inc., Catf eldtMimesota, concerntu& prop disposttm of iLtraest eatrnd ca funds hich Ch3at ield Brass jad, iD., was grated early Ini 1976 by the Awrican Revolutioa flee to al AhinitratiMo and the Minn otfa Uketematal Cowisston. AcodIftg to My. Perkin$' Jnt-y 28, 1976 letter to you, his %c* py rseoivd $1500 frma the Ammeota Bicenternial Comissicm and $15M from the eriCae Revltion bIcentemial Adinistriation u arly 19764, Apprr- Intly a portim of the grant preeds has bees placed in a savincs sccount, wing diaosru4m t f4 the pvogrm as thQr becme due. The Htmsota ijentaisl Cuaiasion has tnftwd Mr. Perkns that any interest ctich w&wwlateen tin h deat l o fund in the savins account must be returned to the Federal 6ovon~mat, CIting Attacanent E to (GSA) !ederal naam ut circular io. 74-7. 0ur office ha uniflomly hold that* mwwpt as nhernso provided by law interest eaaed on Lusts granted by the United State* belongs to the Utlked States rather than to tegramteemb l4 received the fAds. All such iuterest is mquired to b, deposited intk the Treasuy as niscallsaneous receipts. 40 Coup. Gm. 817(1960); 42 itd. sf,(1962). (A copy of out 1962 decision Is smised herewith.) This gfeeral rule applies bether the grateos is a public or private 'eay. Canres has the authority to xupt umy grace from thls require- ut, but we are ra f nw such eximption for grats made by the Ameicag Avoluta Biotcentenial Admiatration. T[he rticeale for this rule is that the ststutes providifg for grants do not Contaplote tht recipients shall Profit othT thm 1n the m e ad to the exnt that Is provdad Ly law md that it is contavlated tbha funds reeaelve shall be promptly applied Zo. t purpose for uhich furnished, Any itereat realised on gnmt funds prdor to their use uat be acoted for as £tm4s of the VULted States. The Cmotres has mecosalweti t validity of this general principle Cor 'Olt Gitustions end therfore has enacted legislation to provide specific MWtftiOns tO cetan gragts-in.04 where a diffeTent position seamed WpPtate, For osmle, seetion 203 of the Intrgovernmietal C*operatio n At

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