NAC426.235. Advancement of money by Bureau: Purposes; repayment.

     1. The Bureau may advance money to an operator or trainee from the Business Enterprise Account for Persons Who Are Blind to purchase initial stock of merchandise, supplies and equipment that are necessary to begin the operation of a vending facility. The operator or trainee shall execute a promissory note for the amount to be repaid to the Bureau. The repayment must be made in monthly installments, based upon the adjusted net proceeds of the business of the operator or trainee in accordance with the following table:

    

Adjusted Net Proceeds        Installment Required
$0	to	$1,100               10 percent of the amount
1,101	to	2,000            $100 plus 15 percent of the adjusted net proceeds over $1,000
2,001	to	3,000            $250 plus 20 percent of the adjusted net proceeds over $2,000
3,001	to	4,000            $450 plus 30 percent of the adjusted net proceeds over $3,000
4,001	to	5,000            $750 plus 40 percent of the adjusted net proceeds over $4,000
Over		$5,000            $1,150 plus 50 percent of the adjusted net proceeds over $5,000

     2. The Bureau may advance money to an operator or trainee from the Business Enterprise Account for Persons Who Are Blind in exchange for a promissory note to ensure the continued operation of an existing vending facility. The advance must be repaid by the operator or trainee in accordance with the terms and conditions of the promissory note.

     3. As used in this section, “adjusted net proceeds” means the amount of money that remains of the gross income after an operator or trainee has deducted the ordinary and necessary expenses of his or her business and includes, without limitation, the amount of money set aside pursuant to NAC 426.230.

     [Bur. of Services to the Blind, § 34, eff. 10-14-82]—(NAC A by Bur. of Services to the Blind & Vis. Impaired, 8-28-97; R091-00, 9-25-2000; R228-05, 5-4-2006)