Arizona Laws 11-1442. Annual audit and report
The operating agreement entered into pursuant to this chapter shall require:
Terms Used In Arizona Laws 11-1442
- agreement: means an agreement between the sponsoring county and a nonprofit corporation under this chapter for the corporation to assume the health care responsibilities previously performed by the county, including all arrangements and understandings, including a lease agreement, between the county and corporation. See Arizona Laws 11-1401
- board: means the board of directors of a nonprofit corporation that operates a community health system pursuant to this chapter. See Arizona Laws 11-1401
- Board of supervisors: means the board of supervisors of the sponsoring county. See Arizona Laws 11-1401
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: means a nonprofit corporation that is organized under title 10 and that is qualified or will qualify under section 501(c)(3) of the internal revenue code. See Arizona Laws 11-1401
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Sponsoring county: means a county that enters into an operating agreement under this chapter. See Arizona Laws 11-1401
1. The board of directors to cause an audit to be made of the funds, revenues and expenditures of the nonprofit corporation. The audit shall be conducted within sixty days after the close of the corporation‘s fiscal year.
2. The nonprofit corporation to prepare and publish an annual report within three months after the end of the corporation’s fiscal year containing a full and complete account of its transactions and proceedings for the preceding year and other facts and recommendations that are considered to be of public value. The annual report may also include a copy of the audit under paragraph 1.
3. The corporation to provide copies of the annual report and audit to each member of the sponsoring county‘s board of supervisors, to the auditor general and, on request, to any member of the public.