§ 955.44 - Excess funds.

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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:

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:

To defray any expenses authorized under this part;

To defray expenses during any fiscal period prior to the time assessment income is sufficient to cover such expenses;

To cover deficits incurred during any fiscal period when assessment income is less than expenses;

To defray expenses incurred during any period when any or all provisions of this part are suspended or are inoperative; and

To cover necessary expenses of liquidation in the event of termination of this part.

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.

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§ 955.43 - Accounting.

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§ 955.45 - Contributions.