Common use of Surplus Funds Clause in Contracts

Surplus Funds. Unexpended general funds at the end of the fiscal year (as defined in 603 CMR 50.07) plus any previous year’s surplus funds, as determined through the financial statements, will be considered cumulative surplus. 1. The determination of cumulative surplus shall not include funds deposited in a capital reserve as provided for in 603 CMR 50.07(9), funds deposited in trust in accordance with M.G.L. c. 32B, § 20 and any amounts prepaid for services or tuitions in accordance with M.G.L. c. 40, § 4E. 2. The board will retain no more than 25 percent of the previous year’s general fund expenditures in cumulative surplus. 3. On an annual basis, after the board has discussed the audit results of the previous fiscal year, the board shall approve by majority vote, the final dollar amount of the cumulative surplus. 4. The board shall determine whether such surplus funds is within the established 25 percent limit, and whether the funds will be retained by the collaborative or whether all or some portion will be refunded to the member districts. 5. In the event an amount is to be refunded to the member districts, each member district share will be apportioned in accordance to its student membership in the collaborative for the previous fiscal year.

Surplus Funds. Unexpended Any unexpended general funds funds, as defined consistent with 603 CMR 50.00, at the end of the fiscal year (as defined in 603 CMR 50.07) plus any previous year’s surplus funds, as determined through the financial statements, will be considered cumulative surplus. 1. The determination of cumulative surplus shall not include funds deposited in a capital reserve as provided for in 603 CMR 50.07(9), funds deposited in trust in accordance with M.G.L. c. 32B, § 20 and any amounts prepaid for services or tuitions in accordance with M.G.L. c. 40, § 4E. 2. The board Board will retain no more than 25 percent of the previous year’s general fund expenditures in cumulative surplus. 3. On an annual basis, after the board Board has discussed the audit results of the previous fiscal year, the board Board shall approve by majority vote, the final dollar amount of the cumulative surplussurplus in accordance with PAC Board policy, and in accordance with law and regulation. 4. The board Board shall determine whether such surplus funds is within the established 25 percent limit, limit and whether the funds will be retained by the collaborative or whether all or some portion will be refunded to the member districts. 5. In the event an amount is to be refunded to the member districts, each member district share will be apportioned in accordance to its student membership in the collaborative for the previous fiscal year. The amount refunded will be issued as a check or a tuition credit as specified by each member district.

Surplus Funds. Unexpended general funds at the end of the fiscal year (as defined in 603 CMR 50.07) plus any previous year’s surplus funds, as determined through the financial statements, will be considered cumulative surplus. 1. The determination of cumulative surplus shall not include funds deposited in a capital reserve as provided for in 603 CMR 50.07(9), funds deposited in trust in accordance with M.G.L. c. 32B, § 20 and any amounts prepaid for services or tuitions in accordance with M.G.L. c. 40, § 4E. 2. The board will retain no more than 25 percent of the previous year’s general fund expenditures in cumulative surplus. 3. On an annual basis, after the board has discussed the audit results of the previous fiscal year, the board shall approve by majority vote, the final dollar amount of the cumulative surplus. 4. The board shall determine whether such surplus funds is are within the established 25 percent limit, and whether the funds will be retained by the collaborative or whether all or some portion will be refunded to the member districts. 5. In the event an amount is to be refunded to the member districts, each member district share will be apportioned in accordance to its student membership in the collaborative for the previous fiscal year.districts as permitted by 603 CMR 50.07

Surplus Funds. 1. Unexpended general funds (as defined in 603 CMR 50.00) at the end of the fiscal year (as defined in 603 CMR 50.07) plus any previous year’s surplus funds, as determined through the financial statements, will be considered cumulative surplus. 12. The determination of cumulative surplus shall not include funds deposited in a capital reserve as provided for in 603 CMR 50.07(950.07(10), funds deposited in trust in accordance with M.G.L. c. 32B, § 20 and any amounts prepaid for services or tuitions in accordance with M.G.L. c. 40, § 4E. 23. The board Board will retain no more than 25 percent of the previous year’s general fund expenditures in cumulative surplussurplus as defined in 603 CMR 50.07. 34. On an annual basis, after the board Board has discussed the audit results of the previous fiscal year, the board Board shall approve by majority vote, the final dollar amount of the cumulative surplus. 45. The board Board shall annually determine whether such surplus funds is are within the established 25 twenty-five percent limit, and whether the funds will be retained by the collaborative or whether all or some portion will be refunded returned to the member districts. If the cumulative surplus exceeds twenty-five percent, any amount over the twenty-five percent limits will be refunded according to paragraph (6) below. 56. In the event an amount is to be refunded to the member districts, each member district share will be apportioned in accordance a percentage equal to its prior year total charges paid to Shore through tuitions, fees for service, and other administrative or program charges relative to total revenue collected by all member districts for student membership in the collaborative for the previous fiscal yearservices and related services.