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Fund 756

Fund Reference Manual

756-Commission Merchants Act Account

Inactive Account 05/21/2005
Account Code:
756
Account Title:
Commission Merchants Act Account
Admin Agency:
Department of Agriculture - 4950
Fund Type:
BA - Special Revenue Funds
Rollup Fund:
BB - Multimodal Transportation Fund
Cash Type:
3 - Local Fund
SAAM Budget Type:
Interest Earning Authority:
N/A
Authority:
Closing GL Code:
Description:
Under the Commission Merchants Act commercial purchases of agricultural products from farmers must be licensed and bonded by the Department of Agriculture. When a purchaser fails to pay the farmers for their products, the bond is called and the farmers are allocated partial reimbursement. Often farmers may only receive a few cents on the dollar. This account is used to process these payments.
Sources of Revenue:
Charges and Miscellaneous Revenue, Other Miscellaneous Revenue
Clientele:
Farmers
Effective Date:
Inactive Date:
Sat, 05/21/2005
Public Notes: