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S. 21
STATUS INFORMATION
General Bill
Sponsors: Senators Land and Leventis
Document Path: l:\council\bills\ggs\22619sj07.doc
Introduced in the Senate on January 9, 2007
Currently residing in the Senate Committee on Finance
Summary: Recovery of indirect cost
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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11/29/2006 Senate Prefiled
11/29/2006 Senate Referred to Committee on Finance
1/9/2007 Senate Introduced and read first time SJ-35
1/9/2007 Senate Referred to Committee on Finance SJ-35
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 2-65-70, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RECOVERY OF INDIRECT COSTS, SO AS TO INCREASE THE EXEMPTION AMOUNT FROM TWO HUNDRED THOUSAND DOLLARS TO TWO HUNDRED SEVENTY-FIVE THOUSAND DOLLARS INDEXED EACH YEAR BY THE HIGHER EDUCATION PRICE INDEX.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 2-65-70(A) of the 1976 Code is amended to read:
"Section 2-65-70. (A) All agencies receiving federal grants or contracts shall recover the maximum allowable indirect costs on those projects, subject to applicable federal laws and regulations. All indirect cost recoveries must be credited to the general fund of the State, with the exception of recoveries from research and student aid grants and contracts. Further, after Beginning January 1, 1999 2007, federal grants and contracts whose annual award is two hundred seventy-five thousand dollars or less are exempted also from this cost recovery requirement. The federal grant and contract award amount for indirect cost recovery exemption must be increased annually by the Higher Education Price Index.
(1) Each agency receiving grants or contracts to which indirect costs may be charged must have an approved indirect cost rate or cost allocation plan. Agencies shall prepare the indirect cost proposals and submit them to the board for review. The board shall submit the proposals to the appropriate federal agencies, negotiate the agreements, and transmit approved agreements to the state agencies. The board, upon request, also shall provide a report on the proposals to the House Ways and Means Committee or the Senate Finance Committee, or both.
(2) The board annually shall prepare the Statewide Cost Allocation Plan for allocation of central service costs to federal and other programs. The board shall ensure that state agencies recover costs approved in the plan through federal grants and contracts, subject to federal laws and regulations.
(3) The State Comptroller General shall assist the board in ensuring compliance with this section."
SECTION 2. This act takes effect upon approval by the Governor.
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