The words, terms, and phrases used in this chapter, unless otherwise indicated, shall have the meaning set forth in Florida Statutes § 377.803 In addition, when used in this chapter, the following words, phrases, or terms, shall have the following meanings:

Terms Used In Florida Regulations 5O-1.002

  • College: means Florida College System institution as defined in Florida Statutes § 1000. See Florida Regulations 5O-1.002
  • Department: means the Florida Department of Agriculture and Consumer Services. See Florida Regulations 5O-1.002
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Indirect Costs: means costs that are incurred for common or joint objectives and, therefore, cannot be identified readily and specifically with a particular sponsored project, an instructional activity, or any other institutional activity. See Florida Regulations 5O-1.002
  • Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
    (1) “Total Project Costs” means grant funds requested plus applicant match.
    (2) “Department” means the Florida Department of Agriculture and Consumer Services.
    (3) “Matching Funds or Other In-Kind Contributions” means:
    (a) Actual cash outlays contributed, including, but not limited to, cash outlays for wages, rental expenses, travel expenses, unrecovered indirect costs, and purchases of material and supplies, as a direct benefit to the project; or,
    (b) Non-cash contributions necessary and reasonable for proper and efficient accomplishment of project objectives, the value of which must be established using the following guidelines:
    1. Rates for donated or volunteer services of any person must be consistent with their regular rate of pay, or the rate of pay of those paid for similar work at a similar level of experience in the labor market, including the value of fringe benefits.
    2. The value of donated expendable property such as office supplies or workshop supplies must not exceed the fair market value of the property.
    3. The value of donated real property such as land must not exceed the fair market value of the property.
    4. Donated space must be valued at fair rental value of comparable space and facilities in a privately-owned building in the same locale.
    5. The value of loaned equipment cannot exceed its fair rental value.
    6. In-kind travel expense must be valued at the approved State of Florida rate as specified in Florida Statutes § 112.061
    (4) “Cost Reimbursement” means payment to grantee of reasonable costs incurred in connection with the performance of work, not to exceed the amount set forth in the budget.
    (5) “Indirect Costs” means costs that are incurred for common or joint objectives and, therefore, cannot be identified readily and specifically with a particular sponsored project, an instructional activity, or any other institutional activity.
    (6) “University” means state universities as defined in Florida Statutes § 1000.21(6)
    (7) “College” means Florida College System institution as defined in Florida Statutes § 1000.21(3)
    (8) “Non-profit” means nonprofit organization as defined in Section 215.97(2)(l), F.S.
    (9) “State Funds” means state financial assistance as defined in Section 215.97(2)(q), F.S.
    (10) “Physical Presence” means that the entity is headquartered in the State of Florida and its principal business operations are located in the state.
    (11) “Authorized Representative” means a person with the legal authority to apply for financial assistance and enter into commitments on behalf of the organization/entity, or the official designee as certified in writing.
Rulemaking Authority Florida Statutes § 377.804(3). Law Implemented Florida Statutes § 377.804. History—New 10-22-07, Formerly 62-16.200, 27N-1.200, Amended 8-24-14, 6-16-16.