Chapter 460: UMKC Dental Faculty Practice Plan
460.050 Costs of Operation of the Plan (Plan Overhead)
Bd. Min. 2-11-83; Revised Bd. Min 4-9-15.
- The DFP is expected to operate, to the extent possible, as a self-sufficient operation within the physical confines of the SOD. Plan overhead shall be paid from Plan Income and shall be paid first before any participant compensation is allocated. The rate of Plan overhead charged will be at the discretion of the Dean of the SOD with the approval of the Chancellor. Plan overhead expenses include, but are not limited to:
- Billing and collections
- Administrative costs, supplies and operating expenses
- Support personnel compensation and benefits
- Marketing and promotional expenses
- UMKC full costing
- Dean’s Administrative Allocation
- Facility charges
- Dental supplies
- Reserve /capital improvements fund
- Other individual overhead expenses such as laboratory costs and the Miscellaneous Expense Fund shall be deducted from the individual Participant’s net collections.
- The Director of Business Affairs shall review and audit periodic reports provided by the Administrator of the DFP concerning accounting and financial practices of the DFP.
- The Director of the DFP shall periodically communicate with the Participants regarding the business affairs of the practice at least monthly. The Director shall solicit input from the plan Participants in an effort to minimize practice overhead and maximize profits.
- The Director and the Administrator of the DFP are responsible for reviewing the DFP financials with the Dean on an ongoing basis at least quarterly.
- The Dean shall report to the Chancellor as needed, but no less than annually, regarding all aspects of Plan operations, including fiscal and quality concerns.
- 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.
Next Rule: 460.070 Allocation of Plan Income
Previous Rule: 460.040 Income