§ 11-505
106 words·~1 min read·
/md/human-services/11-505A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§11–505.
(a)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)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.