[Code of Federal Regulations]
[Title 14, Volume 3]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 14CFR158.49]

[Page 194]
 
                     TITLE 14--AERONAUTICS AND SPACE
 
CHAPTER I--FEDERAL AVIATION ADMINISTRATION, DEPARTMENT OF TRANSPORTATION 
                               (CONTINUED)
 
PART 158--PASSENGER FACILITY CHARGES (PFC'S)--Table of Contents
 
        Subpart C--Collection, Handling, and Remittance of PFC's
 
Sec. 158.49  Handling of PFC's.

    (a) Collecting carriers shall establish and maintain a financial 
management system to account for PFC's in accordance with the Department 
of Transportation's Uniform System of Accounts and Reports (14 CFR part 
241). For carriers not subject to 14 CFR part 241, such carriers shall 
establish and maintain an accounts payable system to handle PFC revenue 
with subaccounts for each public agency to which such carrier remits PFC 
revenue.
    (b) PFC revenue must be accounted for separately by collecting 
carriers, but the revenue may be commingled with the carrier's other 
sources of revenue. The PFC revenues that are held by an air carrier or 
an agent of the carrier after collection of a PFC constitute a trust 
fund that is held by the air carrier or agent for the beneficial 
interest of the public agency imposing the PFC. Such carrier or agent 
holds neither legal nor equitable interest in the PFC revenues except 
for any handling fee or retention of interest collected on unremitted 
proceeds as authorized in Sec. 158.53.
    (c) Each collecting carrier shall be required to disclose the 
existence and amount of funds regarded as trust funds in financial 
statements.

[Doc. No. 26385, 56 FR 24278, May 29, 1991, as amended by Amdt. 158-2, 
65 FR 34542, May 30, 2000]