(a) A State fish and wildlife agency must follow the requirements in the following table when reporting barter transactions in the Federal financial report: ------------------------------------------------------------------------
(1) The goods or services (i) Does not have to report bartered
exchanged have the same market goods or services as program income
value,. 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 Must report the difference in market
or services relinquished exceeds value as grant expenses in the
the market value of the goods and Federal financial report.
services received,.(3) The market value of the goods Must report the difference in market
or services received exceeds the value as program income in the
market value of the goods and Federal financial report.
services relinquished,.(4) The barter transaction was (i) Does not have to report bartered
part of a cooperative farming or goods or services as program income
grazing arrangement meeting the or grant expenses in the Federal
requirements in paragraph (b) of financial report; and
this section,. (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.