Budget and expenses.

CFR · 2024-01-01 · US · Title 7

(a) At least 60 calendar days prior to the beginning of each fiscal year, and as may be necessary thereafter, the Board shall prepare and submit to the Department a budget for the fiscal year covering its anticipated expenses and disbursements in administering this part. The budget for research, promotion or information may not be implemented prior to approval by the Secretary. 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 for at least one preceding fiscal 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 fiscal 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 Order. (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 that do not result in an increase in the Board's approved budget and 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 Secretary finds reasonable and likely to be incurred by the Board for it

official document · source cfr-2024 · id 7:§ 1222.50