10A NCAC 63C .0703. DISTRIBUTION OF PROCEEDS

(a)  The monthly income of the operator shall be the net proceeds of the Business Enterprises facility for that month less the funds which must be set aside.

(b)  When the financial statements are completed at the end of each fiscal year, any differences between the monthly income actually earned for the year and the amount of monthly income paid during the year shall be reconciled.  If at the end of the year there is a net operating balance above what has already been paid to the operator, the operator shall receive that balance.  If, on the other hand, net proceeds received by the operator during the year exceed the net operating balance as reflected on the closing financial statements for the year, this overpayment shall be deducted from the net proceeds earned during the next fiscal year before any net proceeds for that year are paid.

(c)  An operator whose license has been suspended shall not receive net proceeds generated during that period of time the license was suspended.

 

History Note:        Authority G.S. 111‑27; 143B-157; 34 C.F.R. 395.4; 20 U.S.C. Sec. 107;

Eff. February 1, 1976;

Amended Eff. December 1, 1976;

Readopted Eff. November 16, 1977;

Amended Eff. August 1, 2002; May 1, 1996; April 1, 1990; October 1, 1978.