Budget and expenses.

CFR · 2024-01-01 · US · Title 7

(a) At least 60 days prior to the beginning of each calendar year, and as may be necessary thereafter, the Board shall prepare and submit to the Department a budget for the calendar year covering its anticipated expenses and disbursements in administering this subpart. Each such budget shall include: (1) A statement of objectives and strategy for each program, plan, or project; (2) A summary of anticipated revenue, with comparative data or at least one preceding year (except for the initial budget); (3) A summary of proposed expenditures for each program, plan, or project; and (4) Staff and administrative expense breakdowns, with comparative data for at least one preceding year (except for the initial budget). (b) Each budget shall provide adequate funds to defray its proposed expenditures and to provide for a reserve as set forth in this subpart. (c) Subject to this section, any amendment or addition to an approved budget must be approved by the Department, including shifting funds from one program, plan, or project to another. Shifts of funds which do not cause an increase in the Board's approved budget and which are consistent with governing bylaws need not have prior approval by the Department. (d) The Board is authorized to incur such expenses, including provision for a reserve, as the Department finds reasonable and likely to be incurred by the Board for its maintenance and functioning, and to enable it to exercise its powers and perform its duties in accordance with th

official document · source cfr-2024 · id 7:§ 1206.40