20 NCAC 01G .0204. ALLOCATION OF INCOME TO PARTICIPANTS

(a)  Income shall be calculated on the accrual basis of accounting.  Net income is income less allocated expenses.

(b)  Each eligible participant shall receive a share of the net income of the investment fund equal to the same proportion of the income as the total of the average investable balances of all deposits with the State Treasurer to the credit of the participant bears to the total of the average investable balances of all participants.

(c)  Deposits with State Treasurer include budgetary code balances, disbursing account balances and other deposits directly to the State Treasurer.  Investable balances shall equal the total balances on deposit times the ratio of average total investments divided by the average total net assets of the investment fund.

(d)  On and after June 30, 1984, allocated income shall be credited to the accounts of other investment funds as of the close of business on the last day of the month.  Allocated income for all other participants of the Short‑Term Investment Fund shall be paid by credit to their account in lieu of cash payment on the first business day of the following month. Allocated income shall be credited to the participants of the Liquid Asset Fund as of the close of business on the day earned.

 

History Note:        Filed as an Emergency Regulation Eff. July 1, 1979, for a

Period of 120 Days to Expire on October 29, 1979;

Statutory Authority G.S. 147‑69.3;

Made Permanent Eff. October 29, 1979;

Amended Eff. June 1, 1984; February 1, 1982; October 29, 1979.