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
1. The Montana University System elects to
receivedesignate timber sale revenue from MUS trust lands generated after July 1, 2001, as distributable revenueduring FY02 as non-distributable permanent fund revenue.
2. Should the Montana University System elect to designate
Ttrust land timber sales revenue s available as a result of this policydistributable 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.
ITEM 114-115-R0102, Use Of Timber Sale Revenues (NEW), approved by the Board of Regents as amended on January 18, 2002.