### Question
How is the term mechanical licensing collective budget defined?


### Answer
The term **mechanical licensing collective budget** is defined in *17 U.S.C. § 115* as the following:

> a statement of the financial position of the mechanical licensing collective for a fiscal year or quarter thereof based on estimates of expenditures during the period and proposals for financing those expenditures, including a calculation of the collective total costs

#### Citation:
  - *17 U.S.C. § 115*
  - Heading: **CHAPTER 1-SUBJECT MATTER AND SCOPE OF COPYRIGHT**

