Title 7

SECTION 3430.53

3430.53 Program income.

§ 3430.53 Program income.

(a) General. NIFA shall apply the standards set forth in this subpart in requiring awardee organizations to account for program income related to projects financed in whole or in part with Federal funds.

(b) Addition method. Unless otherwise provided in the authorizing statute, in accordance with the terms and conditions of the award, program income earned during the project period shall be retained by the awardee and shall be added to funds committed to the project by NIFA and the awardee and used to further eligible project or program objectives. Any specific program deviations will be identified in the individual subparts.

(c) Award terms and conditions. Unless the program regulations identified in the individual subpart provide otherwise, awardees shall follow the terms and conditions of the award.

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