13 CFR 119.14 - Are there limitations regarding the use of program income?
Program income, as defined in OMB Circular A-110, may only be used to further PRIME program objectives. As such, fees collected from clients, and other program income as defined, may be used to help fund the matching requirement. All program income, as defined, shall be reported on financial reports submitted to SBA and added to funds committed to the project by SBA and the recipient organization. However, any interest earned in excess of the maximum allowable amount as specified in the OMB circular incorporated into the grant must be returned to the Federal Government by the grantee.
Title 13 published on 2015-01-01.
No entries appear in the Federal Register after this date, for 13 CFR Part 119.