R2‑48 ACCOUNTS; ANNUAL REPORTS
(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.
(NCUC Docket No. M‑100, Sub 25, 9/15/69; NCUC Docket No. M‑100, Sub 55, 5/24/74; NCUC Docket No. M‑100, Sub 68, 12/17/76; NCUC Docket No. M‑100, Sub 68, 2/5/82; NCUC Docket No. T-100, Sub 32, 8/23/95; NCUC Docket No. T-100, Sub 49, 02/02/04.)