[Code of Federal Regulations]

[Title 14, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 14CFR158.49]



[Page 183-184]

 

                     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



[[Page 184]]



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]