### Question
How is the "net income" defined?


### Answer
The term **net income** is defined in *12 U.S.C. § 1441a* as follows -

> income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles

#### Citation:
  - *12 U.S.C. § 1441a*
  - Heading: **CHAPTER 11-FEDERAL HOME LOAN BANKS**

