(1) The assessment revenues collected pursuant to this act shall not be state funds. The money shall be deposited in a bank or other depository in this state, in the name of the bureau, and disbursed only for the expenses properly incurred by the bureau with respect to the marketing programs developed by the bureau under this act.
    (2) The financial statements of the bureau shall be audited at least annually by a certified public accountant. A copy of the audited financial statements shall be mailed to each owner not more than 150 days after the close of the bureau’s fiscal year. The financial statements shall include a statement of all assessment revenues received by the bureau during the fiscal year in question and shall be accompanied by a detailed report, certified as correct by the chief operating officer of the bureau, describing the marketing programs implemented or, to the extent then known, to be implemented by the bureau.

Terms Used In Michigan Laws 141.886

  • Assessment: means the amount levied against an owner of a transient facility within an assessment district computed by application of the applicable percentage against aggregate room charges with respect to that transient facility during the applicable assessment period. See Michigan Laws 141.882
  • Assessment revenues: means the money derived from the assessment, including any interest and penalties on the assessment, imposed by this act. See Michigan Laws 141.882
  • Bureau: means a nonprofit corporation incorporated under the laws of this state existing solely to promote convention business and tourism within this state or a portion of this state, and which complies with all of the following:
    (i) Has not less than 400 dues paying members, of which not less than 50 are owners of transient facilities. See Michigan Laws 141.882
  • Director: means the president of the Michigan strategic fund or his or her designee. See Michigan Laws 141.882
  • 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.
  • Owner: means the owner of a transient facility located within the assessment district or, if the transient facility is operated or managed by a person other than the owner, then the operator or manager of that transient facility. See Michigan Laws 141.882
    •     (3) Copies of the audited financial statements and the certified report shall simultaneously be mailed to the director.
      Previous section
    Next section  
     Act 383 of 1980 Contents