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Financially Speaking…

02 Jun

The national Beef Checkoff Program is financed by a $1 per head assessment on domestic sales of cattle and on imported cattle, beef, and beef products.  The Board, as part of its responsibilities under the Act and Order, may certify no more than one Qualified State Beef Council (the “Council”) in each state and authorize that Council to collect such assessments.  The assessments are remitted to the Councils or the Board.  The Board receives one-half of assessment monies from states with Councils and the Councils retain the remainder.  The Board receives all assessment revenues from states without Councils and from imported cattle, beef and beef products.

Pursuant to the Beef Promotion and Research Act of 1985, the Board’s expenditures for administration are limited to 5% or less of projected revenues.  All remaining revenues are expended on programs related to promotion, research and information for the beef industry.  The Board contracts with established national beef industry-governed nonprofit organizations for the implementation and conduct of these programs.  Under the terms of these contracts, the entities that receive Board contracts are subject to annual audits and reviews.

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Posted by on June 2, 2011 in Uncategorized

 

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