Project Costs [Education] Law and Legal Definition

According to 34 CFR 74.2 [Title 34 – Education; Subtitle A -- Office of the Secretary, Department of Education; Part 74 -- Administration of Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non-Profit Organizations; Subpart A – General], the term project costs means “all allowable costs, as established in the applicable Federal cost principles, incurred by a recipient and the value of the contributions made by third parties in accomplishing the objectives of the award during the project period.”