Source: https://www.law.cornell.edu/cfr/text/7/1499.11
Timestamp: 2017-06-27 22:47:40
Document Index: 73714412

Matched Legal Cases: ['art 1499', '§ 1499', '§ 1499', '§ 1499', '§ 1499', 'art 1499', 'art 1499']

7 CFR 1499.11 - Use of donated commodities, sale proceeds, CCC-provided funds, and program income. | US Law | LII / Legal Information Institute
CFR › Title 7 › Subtitle B › Chapter XIV › Subchapter C › Part 1499 › Section 1499.11 7 CFR 1499.11 - Use of donated commodities, sale proceeds, CCC-provided funds, and program income.
§ 1499.11 Use of donated commodities, sale proceeds, CCC-provided funds, and program income.
(f) A recipient may sell or barter donated commodities only if such sale or barter is provided for in the agreement or the recipient is disposing of damaged donated commodities as specified in § 1499.9(f). The recipient must sell donated commodities at a reasonable market price. The recipient must obtain approval of its proposed sale price from CCC before selling donated commodities. The recipient must use any sale proceeds, interest, program income, or goods or services derived from the sale or barter of the donated commodities only as provided in the agreement.
(g) A recipient must deposit and maintain all sale proceeds, CCC-provided funds, and program income in a bank account until they are used for a purpose authorized under the agreement or the CCC-provided funds are returned to CCC in accordance with § 1499.6(f)(6). The account must be insured unless it is in a country where insurance is unavailable. The account must be interest-bearing, unless one of the exceptions in 2 CFR 200.305(b)(8) applies or CCC determines that this requirement would constitute an undue burden. The recipient must comply with the requirements in § 1499.6(f)(7) with regard to the deposit of advance payments by CCC.
(1) Except as provided in paragraph (h)(2) of this section, a recipient may make adjustments within the agreement budget between direct cost line items without further approval, provided that the total amount of adjustments does not exceed ten percent of the Grand Total Costs, excluding any voluntary committed cost sharing or matching contributions, in the agreement budget. Adjustments beyond these limits require the prior approval of CCC.
Title 7 published on 10-May-2017 03:42The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 7 CFR Part 1499 after this date.2016-09-12; vol. 81 # 176 - Monday, September 12, 201681 FR 62603 - Food for Progress Program
typeregulations.gov FR Doc.2016-21343 RIN0551-AA89 DEPARTMENT OF AGRICULTURE, Commodity Credit Corporation Final rule with request for comments. This rule is effective September 12, 2016. Written comments must be received by CCC or carry a postmark or equivalent no later than October 12, 2016. 7 CFR Part 1499 SummaryThe Commodity Credit Corporation (CCC) revises the regulations governing the award of agricultural commodities to recipients under the Food for Progress Program. This revision is necessary to clarify requirements for applicants for, and recipients of, awards under the Food for Progress Program and to inform interested parties that the OMB guidance on Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, as supplemented by USDA regulations, applies to awards under the Food for Progress Program other than awards to foreign public entities. The revised regulations will enable applicants and recipients to better understand program requirements and the Foreign Agricultural Service (FAS), on behalf of CCC, to more effectively implement the Food for Progress Program.