Common use of USE OF PROGRAM INCOME Clause in Contracts

USE OF PROGRAM INCOME. Program income must be used to further the objectives of the SBDC program and cannot be used for other purposes. SBDCs must expend any program income exceeding 25 percent of the SBDC’s total budget (SBA federal funds and matching funds) by year end. Any remaining program income may be carried over to subsequent budget periods to be used to further program objectives. SBDC Program recipients are responsible for establishing a separately identifiable program income account to facilitate financial reporting. All program income must be reported on SBA Form 2113 (Program Income Report). The SBDC will include as an attachment to the SF 425, the SBA Form 2113 and a narrative description of how program income was used to further eligible program objectives.