Which of the following is considered program income?

Program income refers to the gross income generated by the use of federal funds for a program, which is directly attributable to the activities funded by a grant or cooperative agreement. This income must be accounted for in accordance with the federal regulations governing the grant.

The correct option identifies rental or usage fees from equipment purchased with federal funds as program income. When an organization purchases equipment with grant funds and subsequently charges fees for the use of that equipment, the fees collected are considered program income because they are a direct result of the grant-funded project. These funds can be used to further the objectives of the project, in alignment with funding requirements.

In contrast, petty cash reimbursements are not considered program income as they generally represent the return of funds rather than income generated by the program. Tuition from training grant programs might not directly qualify as program income unless specifically defined as such by the terms of the grant. Similarly, reimbursement for medical services relating to the principal investigator's expenses is typically viewed as a reimbursement rather than income generated from program-related activities, and thus does not qualify as program income.