topleft >  Services >  Governance Technology > 

Legal Resources | Title 5 |  T5  18064  

Child Development Fund; Interest Bearing Accounts.   

arrow Previous bar Next arrow

(a) All contractors shall establish a fund to be known as the "Child Development Fund" as specified in Education Code Section 8328, 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:

(1) Expended on reimbursable costs; and

(2) Except Resource and Referral programs, earned by providing subsidized days/hours of enrollment beyond the minimum required to earn the maximum reimbursable amount at a rate equal to the lesser of the daily/hourly contract rate or the actual program costs.

Authority Cited:

Education Code 8261

Education Code 8269


Education Code 8261

Education Code 8328

(Added by Register 88, No. 50.)