Surplus funds definition

Surplus funds means, at any given date, the excess of cash and other recognized assets that are expected to be resolved into cash or its equivalent in the natural course of events and with a reasonable certainty, over the liabilities and necessary reserves at the same date.

Surplus funds means money which belongs to or is under the control of the local unit and is available for investment, not being required by law or agreement with bondholders to be segregated and invested in a specified manner.

Surplus funds means funding available after the maximum award has been obligated to all recommended applicants in accordance with rule 283—25.3(261).

Examples of Surplus funds in a sentence

• The BOARD shall determine the manner in which such SURPLUS FUNDS shall be distributed, and shall consider (a) the percentage relationship which each MEMBER’S CONTRIBUTIONS to the POOL for the prior three calendar years of the POOL bears to all MEMBERS’ CONTRIBUTIONS to the POOL for that same period and (b) the loss experiences of each MEMBER for the prior three calendar years of the POOL.

• In the event that MEMBER CONTRIBUTIONS exceed claims and expenses for the FUND, the BOARD, shall first apply the SURPLUS FUNDS to the mandatory reserve.

• Additionally, and notwithstanding anything contained in this AGREEMENT elsewhere to the contrary, the MEMBERS in the SMALL MEMBER GROUP shall be treated as if they were a single MEMBER not only for purposes of determining their POOL CONTRIBUTION FACTOR, but also for purposes of allocating and distributing SURPLUS FUNDS, establishing the FUNDING RATE for the SMALL MEMBER GROUP and determining and assessing supplemental payments to the POOL under Article Seven of the AGREEMENT.

• After payment of all claims and expenses, or upon the termination of the 12- month period, any remaining SURPLUS FUNDS held by the POOL shall be paid to the MEMBERS of the POOL who are MEMBERS as of the termination date.

• Should the reserve exceed the BOARD’S established funding target, the BOARD may, in its sole discretion, apply SURPLUS FUNDS toward the CONTRIBUTIONS of MEMBERS for any subsequent year, and/or fund any other necessary and proper cost, liability and/or expense of the POOL.

More Definitions of Surplus funds

Surplus funds means funds that are not needed for the immediate short- term cash requirements of the utility.

Surplus funds also referred to as “Carry-Over Funds”, means those Service Tax Funds already collected and disbursed to the Contractor in prior years for the provision of Special Services in the Area which remain unspent, including any interest earned thereon.

Surplus funds means funds in excess of those needed for normal operations in the Clearing House Accounts and the General Accounts as referenced in CME Rule 802.B.

Surplus funds means retained earnings of the pool after reserves have been established for all known and incurred, but not reported, losses of the pool after all other liabilities of the pool, including unearned premium reserves, have been deducted from total assets.

Surplus funds means all those moneys and securities readily convert- ible into cash, except allowance funds and segregated trust funds, which are held to the credit of an Indian at the

Surplus funds means funds in excess of those needed for normal operations in the Clearing House Accounts and the General Accounts, each as referenced in CME Rule 802.B, CBOT Rule 802.B, NYMEX Rule 802.B or any other similar Rule.

Surplus funds means those funds which are not needed to meet a credit union's members' loan needs and credit union expenses.