141.1326 State funds prohibited; disposition of money; disbursement; financial statements; audit; mailing.

201 words·~1 min read·/mi/chapter-141/141-1326

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 6.

(1)The assessment revenues collected pursuant to this act shall not be state funds. The money shall be deposited in a bank or other depository in this state, in the name of the bureau, and disbursed only for the expenses properly incurred by the bureau with respect to the marketing programs developed by the bureau under this act.

(2)The financial statements of the bureau shall be audited at least annually by a certified public accountant. A copy of the audited financial statements shall be mailed to each owner not more than 150 days after the close of the bureau's fiscal year. The financial statements shall include a statement of all assessment revenues received by the bureau during the fiscal year in question and shall be accompanied by a detailed report, certified as correct by the chief operating officer of the bureau, describing the marketing programs implemented or, to the extent then known, to be implemented by the bureau.

(3)Copies of the audited financial statements and the certified report shall simultaneously be mailed to the director.

History: 2007, Act 25 , Imd. Eff. June 28, 2007