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.