7 CFR 277.2 - Definitions.
For the purpose of this part the term:
Accrued expenditures means the charges incurred by the State agency during a given period for liabilities incurred, benefits received or for goods and services used during this period.
Accrued income means the net value of earnings during a given period resulting from services and goods provided whether or not payment has been realized.
Acquisition cost refers to nonexpendable personal property acquired by purchase and means the net invoice price of the property including any attachments, accessories or auxiliary apparatus necessary to make the property usable for the purpose for which it was acquired. Ancillary charges such as taxes, duty, protection in-transit insurance, freight or installation shall be included in or excluded from acquisition cost in accordance with the State agency's regular accounting practices.
Approval or authorization by FNS means documentation evidencing consent prior to incurring specific costs.
Applicable credits refer to those receipts or reduction of expenditure-type transactions which offset or reduce expense items allocable to programs as direct or indirect costs. Examples of such transactions are: Purchase discounts; rebates or allowances; recoveries or indemnities on losses; sale of publications, equipment, and scrap; income from personal or incidental services; and adjustments of overpayments or erroneous charges.
Expendable personal property means all tangible personal property other than nonexpendable property.
Program funds means money, or property provided in lieu of money, paid for or furnished by FNS to a State agency.
Funds available to the State agency may include contributions from third parties including other Federal agencies.
In-kind contributions refers to the value of noncash contributions. Only when authorized by Federal legislation may property purchased with Federal funds be considered as a State agency's in-kind contribution. In-kind contributions may be for the value of real and/or nonexpendable personal property or the value of goods and services provided specifically to the project or program.
Nonexpendable personal property means tangible personal property having a useful life of more than one year and an acquisition cost of more than $300 per unit. A State agency may use its own definition of nonexpendable personal property provided that such definition would at least include all tangible personal property as defined herein.
Obligations are the amounts of orders placed, contracts awarded, services received, and similar transactions during a given period which require payment.
Offset means a method to recover funds due FNS through use of the Letter of Credit system. Recovery is accomplished by accounting adjustments to increase Federal funds on hand or disbursed.
OMB means the Office of Management and Budget.
Personal property means property of any kind except real property. It may be tangible (having physical existence) or intangible (having no physical existence) such as patents, inventions and copyrights.
Program closeout means the process by which FNS determines that all applicable administrative and financial processes have been completed by the State agency and FNS terminates the program in the affected project area or areas.
Project costs are allowable costs as set forth in this part.
Real property means land, land improvements, structure and appurtenances thereto, excluding movable machinery and equipment.
State agency means the organization as defined in 7 CFR 271.1.
State agency costs means the State agency outlays from its funds available for program administration. Unless authorized by Federal legislation, costs charged to other Federal grants or to other Federal contracts may not be considered as State agency costs reimbursable under this authority.
Subagency means the organization or person to which a State agency makes any payment for acquisition of goods, materials or services for use in administering the program and which is accountable to the State agency for the use of funds provided.
Terms and conditions means legal requirements imposed by the Federal Government under statute, regulations, contracts, agreements or otherwise.
Unliquidated obligation represents the amount of obligations not yet paid.
Title 7 published on 11-Apr-2017 03:50
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 7 CFR Part 277 after this date.