(a) The secretary of every memorial district shall annually prepare a financial report signed by the board of directors containing the following information and related data in such detail as may be necessary to accurately disclose its financial condition and operations during the preceding fiscal year:

(1) Assets and liabilities at the beginning and end of the fiscal year.

Terms Used In California Military and Veterans Code 1198.5

  • Board: means the board of directors of a memorial district. See California Military and Veterans Code 1170
  • District: means a memorial district organized under the provisions of this chapter. See California Military and Veterans Code 1170
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(2) Receipts of any kind and the sources thereof.

(3) Disbursements of any kind and the purposes thereof, including funding distributed to providers of supportive services pursuant to subdivision (c) of Section 1191.

(4) A list of all contracts, transactions, agreements, or other obligations entered into.

(b) The board of every memorial district shall provide for the safekeeping of all records, at such places as the board may order and shall transfer such records to such boards as are subsequently elected under the provisions of this chapter.

(c) The secretary of a memorial district may exclude information included in reports prepared pursuant to Section 26909, 53891, or 53901 of the Government Code from the report required pursuant to subdivision (a).

(Amended by Stats. 2018, Ch. 183, Sec. 1. (AB 1908) Effective January 1, 2019.)

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