Responsibilities

(1) A Secretary seeking to establish an Expendable Trust shall submit a written request therefor to the Secretary of Administration. The request shall include: (a) The rationale, purpose and name of the proposed Expendable Trust; (b) The anticipated sources of revenues to the Expendable Trust; (c) The estimated total of such revenues; (d) The types of planned expenditures; (e) The expected duration of the Expendable Trust; (f) A draft of the Declaration of Trust; and (g) The name of the person to be appointed as Trustee. (2) Upon receipt of approval from the Secretary of Administration, the requesting official shall forward to the Comptroller a copy of the approved request and the final Declaration of Trust. (3) The Comptroller shall coordinate the establishment of a separate account for the Expendable Trust with the State Treasurer and establish the appropriate account in MMARS. (4) The requesting official shall ensure that transactions in the Expendable Trust are reported and accounted for in accordance with MMARS policies and procedures. (5) Unless otherwise provided by law, revenue and expenditure activity pursuant to 801 CMR 50.00 is authorized by M.G.L. c. 6A, § 6 and governed by 801 CMR 50.00 and related declarations of trust and is not subject to appropriation. The Expendable Trust shall terminate at the direction of the trustee or trustees or the Secretary of Administration or as provided in the Declaration of Trust, but generally shall not extend beyond three years from the date of receipt of funds, unless the terms of the initial trust anticipates expenditure over a longer period of time not to exceed five years. Any extensions beyond the initial term of the Expendable Trust will require an amended and re-executed Declaration of Trust, submitted in the same manner as stated in 801 CMR 50.03(1), which will be for the temporary period necessary to expend the initial funding. Any balance remaining at termination of the Expendable Trust shall revert to the Commonwealth unless otherwise provided in the Declaration of Trust.