[Code of Federal Regulations]
[Title 7, Volume 4]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR247.12]

[Page 407-408]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER II--FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 247--COMMODITY SUPPLEMENTAL FOOD PROGRAM--Table of Contents
 
Sec. 247.12  Program income.

    Program income means gross income the State agency or local agencies 
earn from grant supported activities, with the exception of income from 
the sale

[[Page 408]]

of property as specified in Sec. 247.11(c)(2). Program income earned 
during the agreement period shall be retained by the State agency in 
accordance with the provisions of A-102, Attachment E and used to 
further Program objectives; except that interest earned on Program funds 
at the State or local levels shall be used in accordance with the 
provisions of A-102, Attachment E. A State agency's financial management 
system shall provide guidelines to assure that: income earned is 
recorded as individual transactions within the accounting records in 
conformance with generally accepted accounting principles for recording 
expenditures and revenues; and specifically earmarked Program income is 
used for the purpose(s) intended.