[Code of Federal Regulations]
[Title 7, Volume 4]
[Revised as of January 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR247.12]

[Page 415-416]
 
                          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 of property as specified in Sec. 247.11(c)(2). Program income 
earned during the

[[Page 416]]

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.