What is "program income" and how is it accounted for on University records?

• Program income is any income resulting as a by-product of a sponsored project. An example might be a sponsored project funded to conduct a specific workshop. The sponsor could authorize the University to charge the participants fees which would be used to offset the total costs of the workshop. The sponsor would commit to covering any cost which exceeds the workshop fees (program income). When developing the project budget, that income would be estimated and considered when anticipating total expenditures. The program income account would be established along with the regular sponsored account by the Contracts and Grants Department at the time of the award. All workshop fee income would be deposited to the program income account and expended as needed along with funds provided by the sponsor. The income and disbursements for the regular sponsored and program income accounts would be maintained separately.