[Code of Federal Regulations]
[Title 7, Volume 8]
[Revised as of January 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR948.78]

[Page 396]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER IX--AGRICULTURAL MARKETING SERVICE (Marketing Agreements and 
      Orders; Fruits, Vegetables, Nuts), DEPARTMENT OF AGRICULTURE
 
PART 948_IRISH POTATOES GROWN IN COLORADO--Table of Contents
 
                    Subpart_Order Regulating Handling
 
Sec. 948.78  Accounting.

    (a) If, at the end of a fiscal period, 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 it was collected.
    (2) An area committee, with the approval of the Secretary, may carry 
over such excess into subsequent fiscal periods as a reserve: Provided, 
That funds already in the reserve are less than approximately two fiscal 
period's expenses. Such reserve funds may be used (i) to defray 
expenses, during any fiscal period, prior to the time assessment income 
is sufficient to cover such expenses; (ii) to cover deficits incurred 
during any fiscal period when assessment income is less than expenses; 
(iii) to defray expenses incurred during any period when any or all 
provisions of this subpart are suspended or are inoperative; (iv) to 
cover necessary expenses of liquidation in the event of termination of 
this subpart. 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. To the extent 
practical, such funds shall be returned pro rata to the persons from 
whom such funds were collected.
    (b) All funds received by an area committee pursuant to the 
provisions of this part shall be used solely for the purposes specified 
herein. The Secretary may at any time require an area committee and its 
members to account for all receipts and disbursements.
    (c) Upon the removal or expiration of the term of office of any 
member of an area committee, such member shall account for all receipts 
and disbursements and deliver all property and funds in his possession 
to such committee, and shall execute such assignments and other 
instruments as may be necessary or appropriate to vest in such committee 
full title to all of the property funds and claims vested in such member 
pursuant to this part.
    (d) Each area committee may make recommendations to the Secretary 
for one or more of the members thereof, or any other person, to act as a 
trustee for holding records, funds, or any other committee property 
during periods of suspension of this subpart, or during any period or 
periods when regulations are not in effect and if the Secretary 
determines such action appropriate, he may direct that such person or 
persons shall act as trustee or trustees for such committee.

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