§ 11-505. Financial audit or review

Latest version.

   (a) Required. -- Each year, the Corporation shall require:

   (1) a financial audit by an independent certified public accountant of each grantee whose grant income from the Corporation in the most recently completed fiscal year was $ 50,000 or more; or

   (2) a financial review by an independent certified public accountant of each grantee whose grant income from the Corporation in the most recently completed fiscal year was less than $ 50,000.

(b) Report. -- The report of each audit or review shall be:

   (1) submitted to the Governor;

   (2) made available to the Legislative Auditor; and

   (3) kept for at least 5 years at the principal office of the Corporation.

HISTORY: An. Code 1957, art. 10, § 45K(c); 2007, ch. 3, § 2.

                    
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