Program Income Includes Sample Clauses
The 'Program Income Includes' clause defines what types of revenue are considered program income under an agreement or grant. It typically specifies that income generated directly from activities supported by the funded program—such as fees for services, sale of commodities, or usage charges—falls within this category. By clearly outlining what constitutes program income, the clause ensures that all parties understand which revenues must be tracked and reported, thereby promoting transparency and compliance with funding requirements.
Program Income Includes. Per 2 CFR §200.307, program income includes but is not limited to income from fees for services performed, the use or rental of real or personal property acquired under Federal awards, the sale of commodities or items fabricated under a Federal award, license fees and royalties on patents and copyrights, and principal and interest on loans made with Federal award funds. Interest earned on advances of Federal funds is not program income.
i. Except as otherwise provided in Federal statutes, regulations, or the terms and conditions of the Federal award, program income does not include rebates, credits, discounts, and interest earned on any of them.
ii. Except as otherwise provided in regulations of the federal or state awarding agency, program income does not include interest on federal grant funds.