Michigan Laws 125.2733 – Audit
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(1) Not less than every 2 years, the housing commission shall hire an independent auditor to audit the books and accounts of a resident organization under a management contract to a housing commission.
(2) Not less than every 2 years, a resident organization that has taken legal ownership of a housing project or property that previously was a housing project shall hire an independent auditor to audit the books and accounts of the resident organization.
Terms Used In Michigan Laws 125.2733
- Contract: A legal written agreement that becomes binding when signed.
- Housing commission: means a housing commission or housing authority as defined under section 3 of the housing cooperation law, 1937 PA 293, MCL 125. See Michigan Laws 125.2722
- Housing project: means that term as defined under section 3 of the housing cooperation law, 1937 PA 293, MCL 125. See Michigan Laws 125.2722
- Resident organization: means a group of residents made up of not less than 50% of total residents of the specific housing project who contract with a housing commission to manage that housing project for not less than 5 years with the intent to acquire legal ownership of the housing project under this act. See Michigan Laws 125.2722
(3) Upon completion, the audit reports described in this section shall be made available to the public.