[Code of Federal Regulations]
[Title 2, Volume 1]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 2CFR220.15]

[Page 70]
 
                     TITLE 2--GRANTS AND AGREEMENTS
 
   CHAPTER II--OFFICE OF MANAGEMENT AND BUDGET CIRCULARS AND GUIDANCE
 
PART 220_COST PRINCIPLES FOR EDUCATIONAL INSTITUTIONS (OMB CIRCULAR A	21)--
 
Sec. 220.15  Policy.

    The principles in this part are designed to provide that the Federal 
Government bear its fair share of total costs, determined in accordance 
with generally accepted accounting principles, except where restricted 
or prohibited by law. Agencies are not expected to place additional 
restrictions on individual items of cost. The successful application of 
cost accounting principles requires development of mutual understanding 
between representatives of educational institutions and of the Federal 
Government as to their scope, implementation, and interpretation.