§ 276.6. Program income.
293 words·~1 min read·
/us/cfr/t25/s§ 276.6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)No grantee receiving a grant shall be held accountable for interest earned on grant funds, pending their disbursement for program purposes.
(b)Proceeds from the sale of real or personal property, either provided by the Federal Government or purchased in whole or in part with Federal funds, shall be handled in accordance with § 276.11.
(c)Royalties received from copyrights and patents produced under the grant during the grant period shall be retained by the grantee and, in accordance with the grant agreement, be either added to the funds already committed to the program or deducted from total allowable project costs for the purpose of determining the net costs on which the Bureau share of costs will be based. After termination or completion of the grant, the Bureau share of royalties in excess of \$200 received annually shall be returned to the Bureau in the absence of other specific agreements between the Bureau and the grantee. The Bureau share of royalties shall be computed on the same ratio basis as the Bureau share of the total project cost.
(d)All other program income earned during the grant period shall be retained by the grantee and, in accordance with the grant agreement, shall be either:
(1)Added to funds committed to the project by the Bureau and the grantee and be used to further eligible program objectives, or
(2)Deducted from the total project costs for the purpose of determining the net costs on which the Bureau share of costs will be based.
(e)Grantees shall record the receipt and expenditures of revenues (such as taxes, special assessments, levies, fines, etc.) as a part of grant project transactions when such revenues are specifically earmarked for a grant project in accordance with grant agreements.