15 AAC 77.055. Requirements for nonprofit corporations

(a) As a condition to a person obtaining a credit under AS 43.77.040 , a nonprofit corporation receiving or anticipating receipt of a contribution shall separately account for the amount of the contribution and agree to allow the department to audit all accounts relating to the contributions.

(b) In order to separately account for the expenditure of the contribution, the nonprofit corporation must establish, the following special accounts, as applicable, in its accounting system:

(1) CDQ fisheries scholarships;

(2) CDQ fisheries industry training;

(3) CDQ fisheries transportation grants;

(4) CDQ fisheries transportation loans;

(5) CDQ fisheries facilities grants;

(6) CDQ fisheries facilities loans; and

(7) CDQ fisheries research grants.

(c) The use of monies in the special accounts must be determined on a first-in-first-out (FIFO) basis. All contributions, with the exception of those initially placed in a loan account, must be distributed from the credited account and used for a qualified purpose by the end of the calendar year following the calendar year of receipt. Contributions placed in a loan account may be accumulated without the requirement for distribution within a specified time period. A contribution initially accounted for in a loan account that is transferred to another account must be distributed from that account by the end of the calendar year following the calendar year of the transfer. Contributions may not be transferred from a non-loan account to a loan account.

(d) No credit is allowed, and prior credits will, in the department's discretion, be revoked, if the person, or a party related to the person receives a loan or grant from a nonprofit corporation to which that person has made or will make a contribution that qualifies for the credit, unless the person first obtains written authorization from the department to receive the loan or grant.

(e) A nonprofit corporation, to accommodate potential contributors, may apply to the department and request a determination that the intended use of contributions for a specifically designated program satisfies one or more of the requirements of AS 43.77.040 and this chapter

History: Eff. 4/20/94, Register 130

Authority: AS 43.77.040

AS 43.77.070

AS 43.77.200

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.