ITEM 114-115-R0102 January 17-18, 2002
BOARD OF REGENTS OF HIGHER EDUCATION
Policy and Procedures Manual
SUBJECT: FINANCIAL AFFAIRS
Policy 901.12 USE OF TIMBER SALE REVENUES
December 10, 2001; Issued January 18, 2002
1. The Montana University System elects to receive timber sale revenue from trust lands generated after July 1, 2001, as distributable revenue.
2. Trust land timber sales revenues available as a result of this policy 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: approved (Item).