Section R33-126-301 - Accounting and Reimbursement Procedures(1) The division will record and maintain records of all transactions related to the acquisition and sale of all state and federal surplus property items.(2) The division may maintain a federal working capital reserve not to exceed one year's operating expenses. In the event the division accumulates funds in excess of the allowable working capital reserve, they will reduce the Retained Earnings balance accordingly. The only exception is where the division is accumulating excess funds in anticipation of the purchase of new facilities or capital items. Before the accumulation of excess funds, the division must obtain the written approval of the Executive Director of the Department of Government Operations.Utah Admin. Code R33-126-301
Adopted by Utah State Bulletin Number 2024-15, effective 7/9/2024, exp. 11/6/2024 (Emergency)Adopted by Utah State Bulletin Number 2024-21, effective 10/22/2024