Ohio Code 117.431 – Accounting of public money in possession of private institution
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Public money in the possession of any private institution, association, board, or corporation shall be accounted for separately and independently from its other funds and accounts. The auditor of state may adopt rules establishing the manner in which the public money shall be separately and independently accounted for.
Terms Used In Ohio Code 117.431
- 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.
- Public money: means any money received, collected by, or due a public official under color of office, as well as any money collected by any individual on behalf of a public office or as a purported representative or agent of the public office. See Ohio Code 117.01
- state: means the state of Ohio. See Ohio Code 1.59