Accounting.

CFR · 2024-01-01 · US · Title 7

(a) If, at the end of a production year, the assessments collected are in excess of expenses incurred, such excess shall be accounted for in accordance with one of the following: (1) If such excess is not retained in a reserve, as provided in paragraph (a)(2) of this section, it shall be refunded proportionately to the persons from whom it was collected in accordance with § 983.71: (2) The committee, with the approval of the Secretary, may carry over such excess into subsequent production years as a reserve: (i) To defray expenses, during any production year, prior to the time assessment income is sufficient to cover such expenses; (ii) To cover deficits incurred during any production year when assessment income is less than expenses; (iii) To defray expenses incurred during any period when any or all provisions of this part are suspended; and (iv) To cover necessary expenses of liquidation in the event of termination of this part. Upon such termination, any funds not required to defray the necessary expenses of liquidation shall be disposed of in such manner as the Secretary may determine to be appropriate: (b) All funds received by the committee pursuant to the provisions of this part shall be used solely for the purpose specified in this part and shall be accounted for in the manner provided in this part. The Secretary may at any time require the committee and its members to account for all receipts and disbursements. (c) Upon the removal or expiration of the term of offic

official document · source cfr-2024 · id 7:§ 983.74