Accounting.

CFR · 2024-01-01 · US · Title 7

(a) If, at the end of the crop 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 collected in accordance with § 989.80; (2) The Committee may carry over such excess funds into subsequent crop years as a reserve; (i) To defray essential administrative expenses ( (ii) To cover deficits incurred during any 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; (iv) To meet any other such expenses recommended by the Committee and approved by the Secretary; and (v) To cover the 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; Provided, That to the extent practicable, such funds shall be returned pro rata to the persons from whom such funds were collected. (b) The Committee may, with the approval of the Secretary, maintain in its own name or in the name of its members, a suit against any handler for the collection of such handler's pro rata share of the expenses.

official document · source cfr-2024 · id 7:§ 989.81