Code of Massachusetts Regulations
815 CMR - COMPTROLLER'S DIVISION
Title 815 CMR 8.00 - Contingent Contracts For Non-tax Revenue Maximization
Section 8.06 - Accounting Procedures

Universal Citation: 815 MA Code of Regs 815.8

Current through Register 1531, September 27, 2024

(1) The Office of the Comptroller will establish all funds, subfunds, revenue accounts, and expenditure accounts, including retained revenue accounts, to implement each contingency contract executed pursuant to 815 CMR 8.00. The Office of the Comptroller may establish new accounts or other accounting mechanisms as necessary in order to assure proper distinction between revenue and expense operations associated with contingency contracts and revenue and expense operations not associated with contingency contracts.

(2) Approval of the Office of the Comptroller will be required for all specific transactions by which revenues over the measurement basis associated with contingency contracts are accounted to specified accounts. This approval may be done on an item by item basis, summarized basis, or by other method as determined by the Comptroller.

(3) Approval of the Office of the Comptroller will be required for all specific disbursement transacting to any party from any account which includes deposits pursuant to the prior section. This approval may be done on an item by item basis, summarized basis, or by other method as determined by the Comptroller.

(4) At the conclusion of each fiscal year, the Comptroller shall report to the Legislature, the Fiscal Affairs Division, and each department which is a party to a contingency contract, the status of revenues and expenses associated with contingency contracts. Such reports will also include any additional comments or suggestions that the Comptroller finds relevant to the contingency contracts. Such additional comments will include but not be limited to:

(a) vendors with whom the Commonwealth has engaged in contingency contracts operative during that fiscal year,

(b) summarized amounts of revenues received and expenses paid as a result of such contingency contracts in that fiscal year and

(c) recommendations for the disposition of residual balances, if any, of revenues in excess of expenses associated with contingency contract.

Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.