How must an agency report barter transactions?

§ 80.98 How must an agency report barter transactions? (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]