(1) Money, assets, or other items of value collected or received under this act, whether collected from assessments, received as grants or gifts, or earned from royalties or license fees or derived from any activities performed by another organization, agency, or individual and conducted under a marketing program, are not state money and shall be deposited in a financial institution in this state. The money shall be allocated to the marketing program under which it is collected or received and shall be disbursed only for the necessary expenses incurred for the marketing program according to the rules established under the marketing program and for grants authorized under a marketing agreement or marketing program.
  (2) Except as otherwise provided for in this subsection, all expenditures shall be audited by a certified public accountant at least annually and within 30 days after completion of the audit, the certified public accountant shall give copies of the audit to the members of the committee and the director. An activity and financial report shall be published annually and made available to interested parties. A committee with annual assets of $50,000.00 or less, based upon a 3-year average, shall be audited twice between referenda and shall have a financial review conducted in those years where it is not audited under this subsection.

Terms Used In Michigan Laws 290.658

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Committee: means the commodity committee or advisory board established under a marketing program. See Michigan Laws 290.652
  • Director: means the director of the department. See Michigan Laws 290.652
  • Financial institution: means a state or nationally chartered bank, member of the farm credit system, savings and loan association, savings bank, and credit union, whose deposits are insured by an agency of the United States government and that maintains a principal or branch office located in this state under the laws of this state or the United States. See Michigan Laws 290.652
  • Marketing agreement: means an agreement entered into, with the director, by producers, distributors, processors, or handlers under this act and binding only on those signing the agreement. See Michigan Laws 290.652
  • Marketing program: means a program established by order of the director under this act prescribing rules and regulations governing the marketing for processing, distributing, selling, or handling an agricultural commodity produced in this state or agricultural commodity input during a specified period and that the director determines would be in the public interest. See Michigan Laws 290.652
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
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