7 CFR 955.44 - Excess funds.
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.
Title 7 published on 2015-08-22.
No entries appear in the Federal Register after this date, for 7 CFR Part 955.