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.