Assessments.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (d) (1) If such excess is not retained in a reserve, as provided in paragraph (d)(2) or (3) of this section, it shall be refunded to handlers from whom collected, and each handler's share of such excess funds shall be the amount of assessments he or she has paid in excess of his or her pro rata share of the actual expenses of the Board. (2) Excess funds may be used temporarily by the Board to defray expenses of the subsequent marketing year provided each handler's share of such excess shall be made available to him or her by the Board within five months after the end of the year. (3) The Board may carry over such excess into subsequent marketing years as a reserve: Provided, that funds already in reserve do not exceed approximately two years' budgeted expenses. In the event that funds exceed two marketing years' budgeted expenses, future assessments will be reduced to bring the reserves to an amount that is less than or equal to two marketing years' budgeted expenses. Such reserve funds may be used: (i) To defray expenses, during any marketing year, prior to the time assessment income is sufficient to cover such expenses; (ii) To cover deficits incurred during any 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 meet any other such costs recommended by the Board and approved by the Secretary. (e) (f)

official document · source cfr-2024 · id 7:§ 984.69