Establishment and Purpose of Revolving Fund
- All income generated from NMYC’s training-cum-production activities is to be deposited into a Revolving Fund.
- The Fund is expressly created for the operational costs associated with those activities, ensuring sustainability.
Utilization of Revolving Fund
- The Fund shall cover operational expenses incurred from activities, including honoraria payments to personnel involved.
- This provision ensures personnel remuneration and operational continuity.
Nature of the Revolving Fund
- The Revolving Fund is to be self-liquidating and perpetuating.
- This means it is designed to maintain itself financially without requiring additional external funding.
Depository and Interest Earnings of the Fund
- The Fund must be deposited in an authorized government depository bank.
- Interest earned from the Fund’s deposit shall accrue to the same Revolving Fund.
- Interest earnings are to be used exclusively for the purpose for which the Revolving Fund was established.
Encouragement of Inter-Agency Collaboration
- Other government agencies are encouraged to purchase and utilize the goods and services produced by the NMYC.
- Establishing linkages and productive partnerships among government agencies is promoted to maximize the program’s benefits.