54.1-4405.1 - Board of Accountancy Trust Account; creation; expenditures; excess moneys. - Virginia Statutes

§ 54.1-4405.1. Board of Accountancy Trust Account; creation; expenditures;excess moneys.

A. There is hereby created in the state treasury a special nonreverting fund(except as set forth in subsection B), to be known as the Board ofAccountancy Trust Account (the Trust Account). The purpose of the TrustAccount is to provide a supplemental source of funds to the Board on a timelybasis for (i) its use in the study, research, investigation, or adjudicationof matters involving possible violations of the provisions of this chapter orregulations promulgated by the Board or (ii) any other purpose that the Boarddetermines is germane to its statutory purposes and cannot otherwise befunded through the Fund. The Trust Account shall consist of transfers fromtime to time by the Board from the Fund and earnings on the Trust Account.

B. All disbursements from the Trust Account shall be made by the StateTreasurer upon warrants of the Comptroller issued upon vouchers signed by anauthorized officer of the Board or the Executive Director as authorized bythe Board. Funds remaining in the Trust Account at the end of a bienniumshall continue to remain in the Trust Account and accrue earnings. Upon adetermination by the Board that the Trust Account balance exceeds the amountneeded for the purposes set forth in subsection A, the Board may transfer theexcess to the Fund.

(2004, c. 602; 2007, c. 804.)