North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 11 - UTILITIES COMMISSION › Chapter 2 › Article 9 - MISCELLANEOUS › Section 11 R02-48 - ACCOUNTS; ANNUAL REPORTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The Uniform
				  Systems of Accounts adopted by the Interstate Commerce Commission are hereby
				  prescribed for use of Class I, Class II, and Class III Common Carriers of
				  Passengers, who operate under the jurisdiction of this Commission pursuant to
				  the Public Utilities Act or through the Commission's authority to fix rates and
				  charges. (G.S. 62-260, subsection (b)).
For purposes of annual, other periodical and special
					 reports commencing with the year beginning January 1, 1980, and thereafter
					 until further ordered, common carriers of passengers subject to the North
					 Carolina Utilities Commission's jurisdiction will assume their classification
					 according to the most current dollar amounts in effect and prescribed by the
					 Interstate Commerce Commission. Classifications in effect as of January 1,
					 1980, are as follows:
CLASS I: Carriers having annual carrier operating revenues
					 (including interstate and intrastate) of $3 million or more.
CLASS II: Carriers having annual carrier operating
					 revenues (including interstate and intrastate) of $500,000 but less than $3
					 million.
CLASS III: Carriers having annual carrier operating
					 revenues (including interstate and intrastate) of less than $500,000.
The class to which any carrier belongs shall be determined
					 by annual carrier operating revenue by the following manner and
					 procedure:
(1) If at the end of any
				  calendar year or of 13 four-week periods, such annual carrier operating revenue
				  is greater than the maximum for the class in which the carrier is classified,
				  the carrier shall adopt the accounting and reporting requirements of the higher
				  class in which it falls. For Class III carriers, adoption of Class II
				  classification shall be effective as of January 1 of the following year. For
				  Class II carriers, adoption of a higher classification shall be effective as of
				  January 1 of the second succeeding year after the carrier meets the minimum
				  revenue limit for Class I.
(2) If
				  at the end of a calendar year, or accounting year of 13 four-week periods, a
				  carrier's annual operating revenue is less than the minimum of the class in
				  which the carrier is classified, and has been for three consecutive years, the
				  carrier shall adopt the accounting and reporting requirements of the lower
				  class in which the current year revenue falls. Adoption of the lower class
				  shall be effective as of January 1 of the following year.
(3) Carriers shall notify the Commission by
				  letter of any change in classification by October 31 of each year.
(4) Any carrier which begins new operations
				  (obtains operating authority not previously held) or extends its existing
				  authority (obtains additional operating rights) shall be classified in
				  accordance with a reasonable estimate of its annual gross carrier operating
				  revenues.
(5) When a business
				  combination occurs, such as a merger, reorganization, or consolidation, the
				  surviving carrier shall be reclassified effective January 1 of the next
				  calendar year on the basis of the combined revenue for the year when the
				  combination occurred.
(6) In
				  unusual circumstances, such as partial liquidation and curtailment or
				  elimination of contracted services, where the classification regulations will
				  unduly burden the carrier, the carrier may request the Commission for an
				  exception to the regulations. This request shall be in writing specifying
				  conditions justifying an exception.