(a) A State fish and wildlife agency must follow the requirements in table 1 to § 80.98(a) when reporting barter transactions in the Federal financial report:
Table 1 to § 80.98(a)
(a) A State fish and wildlife agency must follow the requirements in the following table when reporting barter transactions in the Federal financial report:
| If * * * | Then the agency * * * |
|---|---|
| (1) The goods or services exchanged have the same market value, | (i) Does not have to report bartered goods or services as program income or grant expenses in the Federal financial report; and (ii) Must disclose that barter transactions occurred and state what was bartered in the Remarks section of the report. |
| (2) The market value of the goods or services relinquished exceeds the market value of the goods and services received, | Must report the difference in market value as grant expenses in the Federal financial report. |
| (3) The market value of the goods or services received exceeds the market value of the goods and services relinquished, | Must report the difference in market value as program income in the Federal financial report. |
| (4) The barter transaction was part of a cooperative farming or grazing arrangement meeting the requirements in paragraph (b) of this section, | (i) Does not have to report bartered goods or services as program income or grant expenses in the Federal financial report; and (ii) Must disclose that barter transactions occurred and identify what was bartered in the Remarks section of the Federal financial report. |
(b) For purposes of paragraph (a)(4) of this section, cooperative farming or grazing is an arrangement in which an agency:
(1) Allows an agricultural producer to farm or graze livestock on land under the agency's control; and
(2) Designs the farming or grazing to advance the agency's fish and wildlife management objectives.
[76 FR 46156, Aug. 1, 2011, as amended at 84 FR 44786, Aug. 27, 2019]