§ 80.98 How must a State fish and wildlife agency include barter in an award and report barter transactions?

(a) A State fish and wildlife agency must identify when barter exchanges are anticipated in the project when applying for, or carrying out, an award. All activities included in a barter transaction are subject to Federal compliance requirements under an award.

(b) An agency must follow its State processes for authorizing, valuing, and documenting barter transactions, and report barter transactions under an award in the Federal financial report according to table 1 to § 80.98:

Table 1 to § 80.98

If, following the State processes for barter transactions . . . .

Then the agency must . . . .

(1) The barter transaction is determined to be an even exchange of goods or services

Disclose in the remarks section that the barter transaction(s) occurred, and the barter transaction(s) resulted in no gain or loss to the agency.

(2) The fair value of the goods or services provided by the State fish and wildlife agency exceeds the fair value of the goods and services received

Disclose in the remarks section that the barter transaction(s) occurred and report the difference in fair value as award expenses in the Federal financial report.

(3) The fair value of the goods or services received exceeds the fair value of the goods and services the State fish and wildlife agency provided

Disclose in the remarks section that the barter transaction(s) occurred and report the difference in fair value as program income in the Federal financial report.