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RULE §90.24 Reporting Requirements

Published: 2015

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(a) The Board shall have an annual independent audit
of the books, records of account and minutes of proceedings maintained
by the Board prepared by an independent certified public accountant
or firm of independent certified public accountants. The audit shall
be filed with the Board, and the Commissioner, and shall be made available
to the public by the Board or the Commissioner. The state auditor
or the department may examine any work papers from the independent
audit or may audit the transactions of the Board if the state auditor
or the department's internal auditor determines that an additional
audit is necessary.
(b) Not later than the 30th day after the last day
of the fiscal year the Board shall submit to the commissioner a report
itemizing all income and expenditures and describing all activities
of the Board during the preceding fiscal year. The annual report shall
include, at a minimum:
  (1) a balance sheet of assets and liabilities;
  (2) an itemization of income/expenditures;
  (3) a statement of Board activities carried out in
the year covered by the report; and
  (4) copies of any resolutions adopted by the Board
regarding the program.
(c) The Board shall provide fidelity bonds in amounts
determined by the Board for employees or agents who handle funds for
the council.
(d) Prior to any expenditure of funds, the Board shall
submit its annual budget to the Commissioner for approval. The department
shall act on the Board's budget submission within 45 days of the department's
receipt of the submission.

Source Note: The provisions of this §90.24 adopted to be effective July 15, 2012, 37 TexReg 5117