Program Income Law and Legal Definition

Pursuant to 49 CFR 19.2 [Title 49 – Transportation; Subtitle A -- Office of the Secretary of Transportation; Part 19 -- Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non-Profit Organizations], program income means “gross income earned by the recipient that is directly generated by a supported activity or earned as a result of the award (see exclusions in §§ 19.24 (e) and (h)). Program income includes, but is not limited to, income from fees for services performed, the use or rental of real or personal property acquired under federally-funded projects, the sale of commodities or items fabricated under an award, license fees and royalties on patents and copyrights, and interest on loans made with award funds. Interest earned on advances of Federal funds is not program income. Except as otherwise provided in Federal awarding agency regulations or the terms and conditions of the award, program income does not include the receipt of principal on loans, rebates, credits, discounts, etc., or interest earned on any of them.”