The board shall maintain accounting records and shall report accounting transactions in accordance with generally accepted accounting principles as adopted by the Government Accounting Standards Board (GASB) of the Financial Accounting Foundation for both public reporting purposes and for reporting of activities to the Controller. The activities of any nonprofit corporation or other legal entity wholly owned or controlled by the board and operating a public transit system shall be reported separately in the board’s annual report to the Controller.

(Added by Stats. 1986, Ch. 864, Sec. 2.)

Terms Used In California Public Utilities Code 120108

  • board: means a county transit development board created pursuant to Chapter 2 (commencing with Section 120050). See California Public Utilities Code 120001
  • 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.
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