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(a)    You must follow the requirements in the following table when reporting barter transactions in the Federal financial report:

If *  *  *

Then you *  *  *

(1) The goods or services exchanged have the same market value,

(i) Do not have to report bartered goods or services as program income or grant expenses in your 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) Do 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 you :

(1)   Allow an agricultural producer to farm or graze livestock on land under your control; and

(2)   Design the farming or grazing to advance your agency’s wildlife management objectives.