SECTION .0700 ‑ EARNINGS: FUNDS: AND PROCEEDS

 

10A ncac 63c .0701       MINIMUM FAIR RETURN AND DEFINITIONS

(a)  Operators may be guaranteed a fair minimum return as

determined by the Division after consultation with the  Elected Committee of

Vendors.

(b)  Definitions which apply to all of 10A NCAC 63C .0700:

(1)           Net profits means the amount remaining

after subtracting the cost of goods sold and the operating expenses from the

gross revenues.

(2)           Income means the net profit of the facility

less any funds which must be set aside.

(3)           Net operating balance means the amount

remaining at the end of the calendar year after subtracting the income paid

year‑to‑date to the operator, from the income earned by the

operation of the facility.

(4)           Fair minimum return is the amount

determined by the Elected Committee of Vendors and agreed upon by the Division

as the minimum monthly income to be received by any Business Enterprises

operator without regard to the profit or loss of the facility. Fair minimum

return shall not exceed an amount equal to the hourly Federal Minimum Wage

based on a 160-hour work month.  This amount is applicable to all Business

Enterprises Operators regardless of the size or type of facility they currently

manage.

 

History Note:        Authority G.S. 111‑27; 34 C.F.R.

395.8; 34 C.F.R. 395.9; 20 U.S.C. sec. 107;

Eff. February 1, 1976;

Readopted Eff. November

16, 1977;

Amended Eff. August

1, 2002; April 1, 1990; October 1, 1978;

Pursuant to G.S. 150B-21.3A, rule is necessary without

substantive public interest Eff. November 23, 2015.