Chapter 460: UMKC Dental Faculty Practice Plan
460.050 Costs of Operation of the Plan
Bd. Min. 2-11-83.
- The costs of operation of the plan will be funded by applying an approved deduction rate (percent) to gross collections of plan income.
- The deduction rate for the costs of operation of the plan will be deducted from gross collections prior to any monies being available for other purposes.
- The costs of operation of the plan may include expenditures for the following items and activities:
- Billing and collections cost
- Professional liability insurance
- Support personnel, services, and facilities and supplies
- Administrative costs
- Professional leave
- Laboratory fees
- Annually on the date established by the Dean, the School of Dentistry Assistant Dean for Business Affairs will report to the administration and the DFPP Committee the expenditures to date for the costs of operation of the plan. A final accounting report will be issued after the close of the accounting period.
- An annual budget will be submitted for the cost so operation of the plan. Based on the budget that is submitted, the DFPP Committee shall recommend a deduction rate to be proposed for the period covered by the budget. The proposed deduction rate and budget for the next fiscal year must be approved by the University.
- In exceptional circumstances, it may be necessary to alter the deduction rate during the fiscal year. Such an alteration will be approved by the DFPP Committee and the Board of Directors.
- Separate accounts will be established for each category of expenditures authorized in this Section 460.050 A. Expenditures from these accounts will be in accordance with standard University regulations.
- From time to time good accounting practice and effective fiscal management may well indicate a need to revise, expand, contract or otherwise modify the accounting system relative to the plan. Nothing in this plan shall be interpreted as preventing such accounting revision, expansion, modification or contraction so long as they adhere to commonly accepted accounting practices and University policy.
- Cost of Operation Funds —The Costs of Operation Funds shall include that portion of the deduction rate to cover billing and collection, support personnel, service, facilities and supplies, laboratory fees (other than those paid by the plan participants) and administrative personnel.
- Professional Liability Insurance Funds—The Professional Liability Insurance Funds shall include that portion of the deduction rate to cover the expenditure for professional liability insurance.
- Professional Leave Funds —The Professional Leave Funds shall include that portion of the deduction rate to cover expenditures for professional leave.
- Retirement Funds—The Retirement Funds shall include that portion of the deduction rate to cover expenditures for funding the retirement plan to that part of the base salary that is allocated to DFPP base.