N.H. Admin. Code § Ed 1019.11

Current through Register No. 50, December 12, 2024

Section Ed 1019.11 - Setting Aside of Funds

(a) In accordance with 34 CFR 395.8(c) and 34 CFR 395.9(c), SBVI shall set aside funds from the net proceeds of the operation of vending facilities and vending machine income to the extent necessary for the following purposes:

(1) Maintenance and replacement of equipment;

(2) Purchase of new or replacement equipment;

(3) Management services as defined in Ed 34 CFR 395.1(j), including training and continuing education for managers;

(4) Retirement and pension funds, health insurance contributions, paid sick leave and vacation time if it is determined by a majority vote of the managers licensed by SBVI to contribute and use funds set aside for these purposes after SBVI provides each manager information on all matters relevant to such funds; and

(5) The establishment of a fair minimum return.

(b) The charge for each purpose listed in Ed 1019.11(a) shall be determined by SBVI with the active participation of the state committee of licensed managers and shall be designed to prevent, so far as is practicable, a greater charge than is reasonably required. SBVI shall maintain adequate records to support the reasonableness of the charges, including any reserves necessary to assure that these purposes can be achieved on a consistent basis.

(c) The amount of funds set aside Ed 1019.11(a) shall:

(1) Be assessed monthly; and

(2) Be a percentage of net proceeds of the monthly profit and loss statement provided that:

a. The manager has net proceeds before set aside of over $1,700 for that month; and

b. Either:

1. The set aside charge does not reduce the net proceeds below $1,700; or

2. In order to assure a fair minimum return to managers, any set aside assessment which lowers a manager's net proceeds below $1,700 for that month shall be reduced by the amount required to raise the net proceeds to $1,700.

(d) The percentage in Ed 1019.11(c) shall be a percentage of net proceeds and shall be reviewed every 2 years by SBVI with the active participation of the committee of licensed managers. The new percentage shall be set utilizing the running average balance of the set aside account over the previous 2-year period, the Consumer Price Index, and projected needs.

(e) If the set aside percentage is changed, SBVI shall submit the change to the secretary of the committee for approval prior to implementation.

N.H. Admin. Code § Ed 1019.11

Derived from Volume XLI Number 32, Filed August 12, 2021, Proposed by #13231, Effective 7/13/2021, Expires 7/13/2031