Utah Admin. Code R33-26-301 - Accounting and Reimbursement Procedures
(1) The division will record and maintain
records of all transactions related to the acquisition and sale of all State
and federal surplus property items.
(2) The division may maintain a federal
working capital reserve not to exceed one year's operating expenses. In the
event the division accumulates funds in excess of the allowable working capital
reserve, they will reduce the Retained Earnings balance accordingly. The only
exception is where the division is accumulating excess funds in anticipation of
the purchase of new facilities or capital items. Prior to the accumulation of
excess funds, the division must obtain the written approval of the Executive
Director of the Department of Administrative Services.
Notes
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