Program income is gross income earned by the University that is directly generated by a supported activity or earned as a result of the award during the period of performance.
The OBFS Program Income policy describes when the University must identify, document, and report program income generated on sponsored projects in accordance with the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 200.80 & 200.307. The policy also includes:
- Principal Investigator (PI) responsibilities
- What to do when program income is not anticipated
All program income must meet the following core principles:
- Must be used for the purposes of the award
- Must be used only for allowable costs in accordance with the applicable cost principles and the terms and conditions of the award
- Must be used for costs during the performance period of the sponsored award unless the awarding agency authorizes otherwise
- Expenses will be assessed Indirect Costs at the same F&A rate as the associated sponsored project.
- Units may request a waiver of Indirect Costs on program income expenses on a case-by-case basis through OVCR
- The program income may be used to fulfill a cost sharing or matching requirement with prior approval of the awarding agency.