The Federal share of any activity under this program must not exceed 75 percent of the total costs of the activity. The minimum 25 percent contribution from the recipient may be as cash or in-kind contributions. Award funds must be spent in the indicated budget period and are expended in accordance with OMB Cost Principles and DOC financial and reporting procedures. Funds can be used for assessing the effects of commercial fishery failures, or restoring fisheries or preventing future failures, and assisting fishing communities affected by the failures. However, the Secretary of Commerce must first determine that the activity will not expand the commercial fishery failure in that fishery or into other fisheries or other geographical regions.
Reports are due in accordance with the terms and conditions of the award.
The Department's financial assistance standard terms and conditions generally require that financial and performance reports be submitted on a semi-annual basis. In accordance with 15 CFR Part 14.26, for-profit recipients shall have a project audit performed no less than once every two years in accordance with the Generally Accepted Government Auditing Standards. All financial and programmatic records, supporting documents, statistical reports, and other records of grantees or subgrantees are required to be maintained by the terms of the agreement.