Excess funds.

CFR · 2024-01-01 · US · Title 7

If, at the end of a fiscal period, the assessments collected are in excess of expenses incurred, such excess shall be accounted for as follows: (a) The committee, with the approval of the Secretary, may establish an operating reserve and may carry over to subsequent fiscal periods excess funds in a reserve so established, except funds in the reserve shall not exceed the equivalent of approximately three fiscal periods' budgeted expenses. Such reserve funds may be used: (1) To defray any expenses authorized under this part; (2) To defray expenses during any fiscal period prior to the time assessment income is sufficient to cover such expenses; (3) To cover deficits incurred during any fiscal period when assessment income is less than expenses; (4) To defray expenses incurred during any period when any or all provisions of this part are suspended or are inoperative; and (5) To cover necessary expenses of liquidation in the event of termination of this part. (b) If such excess is not retained in a reserve as provided in paragraph (a) of this section, each handler entitled to a proportionate refund of the excess assessments collected shall be credited at the end of a fiscal period with such refund against the operations of the following fiscal period unless such handler demands payment thereof, in which event such proportionate refund shall be paid.

official document · source cfr-2024 · id 7:§ 955.44