BS5005 - Program Income

Procedures

Master List Section: Business Service

A. Employees who manage federally-funded projects will follow the guidelines set forth in 2CFR 200. Specifically, Program Income earned during the project period shall be retained by the college and, in accordance with Federal awarding agency regulations or terms and conditions of the award, shall be used in one or more of the following ways:

a. Added to funds committed to the project by the Federal awarding agency and recipient and used to further eligible project or program objectives;

b. Used to finance the non-Federal share of the project or program;

c. Deducted from the total project or program allowable costs in determining the net allowable costs on which the Federal share of costs is based.

The Directpr of Sponsored Project Accounting will track Program Income for each project through the Banner system, as applicable.

B. The Director, Grants and Contracts, will work with the project director, other college staff, and the funder’s Program Officer, to ensure that Program Income is managed per funder policies. Final decision authority in relation to such funds resides with the Vice President for Academic Affairs.

Relevant Policy: BS735

References:
2CFR 200, Section 307
http://www.ecfr.gov/cgi-bin/texidx?tpl=/ecfrbrowse/Title02/2cfr200_main_02.tpl

Legal Reference:
2CFR 200, Section 307
http://www.ecfr.gov/cgi-bin/texidx?tpl=/ecfrbrowse/Title02/2cfr200_main_02.tpl