ITEM 116-108-R0702                                                                               July 11-12, 2002

 

 

 

 

 

MONTANA BOARD OF REGENTS OF HIGHER EDUCATION
 Policy and Procedures Manual

 

SUBJECT:  FINANCIAL AFFAIRS

                                               

Policy # 901.12



Board Policy:

 

1.       The Montana University System elects to receive designate timber sale revenue from MUS trust lands generated after July 1, 2001, as distributable revenue during FY02 as non-distributable permanent fund revenue.

 

2.       Should the Montana University System elect to designate Ttrust land timber sales revenues available as a result of this policy distributable revenue in subsequent fiscal years, the revenue shall be used for one of the following purposes:

a.       Legal obligations under the indentures(s) to which trust land income is pledged.

b.       Elimination or reduction of chronic or material negative fund balances as defined in Board of Regents Policy Negative Fund Balances.

c.       Deferred maintenance and equipment/fixed asset expenditures that are not recurring in nature.

History:  

 

ITEM 114-115-R0102, Use Of Timber Sale Revenues (NEW), approved by the Board of Regents as amended on January 18, 2002.