As used in this part, “indirect cost” means a cost that has been incurred for common or joint purposes and benefits more than one activity, such as an intergovernmental agreement or grant. Indirect costs cannot be readily identified with a particular activity without effort disproportionate to the results achieved.

[9.2.20.7 NMAC -Rp, 9.2.20.7 NMAC, 6/30/2015; A, 09/23/2025]