The board shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding fiscal year to the Governor and the Legislative Research Commission. Each report shall set forth a complete operating and financial statement of the corporation during the year. The board shall be subject to a biennial audit to be made by the Auditor of Public Accounts at his discretion, or by a resident independent certified public accountant of the books, accounts, and records of the corporation, with respect to its receipts, disbursements, contracts, loans, and all other matters relating to its financial operations. The persons performing this audit shall furnish copies of the audit report to the secretary of the Finance and Administration Cabinet and the Legislative Research Commission, where they shall be placed on file and made available for inspection by the general public.
Effective: July 15, 1996

Terms Used In Kentucky Statutes 151B.475

  • 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: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • 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.
  • Year: means calendar year. See Kentucky Statutes 446.010

History: Created 1996 Ky. Acts ch. 222, sec. 6, effective July 15, 1996.

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