[Decision Regarding University's Liability for Interest Earned on Grant Funds]
B-236549: Aug 13, 1990
- Full Report:
GAO reviewed a decision regarding whether a university was liable to the Navy for interest earned on a congressionally mandated grant. GAO held that: (1) Congress did not intend that the university should earn interest on grant funds; and (2) interest earned on federal funds belongs to the United States. Accordingly, the grantee could not retain earned interest.