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Code of Federal Regulations Title 45. Public Welfare § 45.1628.2 Definitions

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) Excess fund balance means a recipient's LSC fund balance that exceeds the amount a recipient is permitted to retain under this part.

(b) LSC support means the sum of:

(1) The amount of financial assistance awarded by the Corporation to the recipient for the fiscal year included in the recipient's annual audited financial statement, not including one-time and special purpose grants;  and

(2) Any LSC derivative income, as defined in § 1630.2(c), earned by the recipient for the fiscal year included in the recipient's annual audited financial statement, not including derivative income from one-time and special purpose grants.

(c) The LSC fund balance is the excess of LSC support plus the prior year carryover amount over expenditures of LSC funds (including capital acquisitions), as each is reported in the recipient's annual financial statements.

(d) The fund balance percentage is the amount of the LSC fund balance expressed as a percentage of the recipient's LSC support.

(e) Recipient, as used in this part, means any grantee or contractor receiving financial assistance from the Corporation under section 1006(a)(1)(A) of the LSC Act.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 45. Public Welfare § 45.1628.2 Definitions - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-45-public-welfare/cfr-sect-45-1628-2/

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