Accounting.

CFR · 2024-01-01 · US · Title 7

(a) Assessments collected in excess of expenses incurred shall be accounted for in accordance with one of the following: (1) Excess funds not retained in a reserve, as provided in paragraph (a)(2) of this section shall be refunded proportionately to the persons from whom they were collected; or (2) The Council, with the approval of the Secretary, may carry over excess funds into subsequent fiscal periods as reserves: (i) To defray expenses during any fiscal period prior to the time assessment income is sufficient to cover such expenses; (ii) To cover deficits incurred during any fiscal period 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 or are inoperative; and (iv) To cover necessary expenses of liquidation in the event of termination of this part. (b) 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. To the extent practical, such funds shall be returned pro rata to the persons from whom such funds were collected. (c) All funds received by the Council pursuant to the provisions of this part shall be used solely for the purposes specified in this part and shall be accounted for in the manner provided for in this part. The Secretary may at any time require the Council and its members to account for all receipts and disbursements. (d) Upon the re

official document · source cfr-2024 · id 7:§ 986.64