Program Income (J)
Program income is sometimes directly generated by the Federally funded program. This type of income includes, but is not limited to, income from fees for services performed, the use or rental of property acquired with program funds, the sale of items fabricated under the program, and payments of principal and interest on loans made by the recipient to others with program funds. However, it generally does not include interest on program funds (which is covered under “Cash Management”, see above); nor does it cover rebates, credits, discounts, and refunds (covered under “Allowable Costs/Cost Principles”); nor proceeds from the sale of equipment or real property (covered under “Equipment and Real Property Management”). The uses or treatment of program income are either deducted by the Federal agency from the current program budget (e.g., the program income substitutes part of the original budget), added to the current program budget, or used to meet matching requirements.
Read more about this topic: Compliance Requirements
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