Section 17817 - Child Development Fund; Interest Bearing Accounts(a) All contractors shall establish a fund to be known as the "Child Development Fund" as specified in Education Code section 8271, except that private contractors shall establish the fund in a federally insured banking institution located in California.(b) Contractors with multiple fund sources shall establish separate program cost accounts for each source of funds.(c) If a contractor places advanced contract funds in an interest-bearing account, the interest-bearing account shall be a separate account within the Child Development Fund.(d) Interest earned shall be retained by the contractor if it is expended on reimbursable costs.Cal. Code Regs. Tit. 5, § 17817
1. New section filed 7-1-2022; operative 7-1-2022 pursuant to Government Code section 11343.4(b)(3) (Register 2022, No. 26). Note: Authority cited: Sections 8231 and 8247, Education Code. Reference: Sections 8231 and 8271, Education Code.
1. New section filed 7-1-2022; operative 7/1/2022 pursuant to Government Code section 11343.4(b)(3) (Register 2022, No. 26).