South Carolina Code 11-60-60. Status reports; accounting for trust fund revenue separately from general fund revenues; private-sector organization considered a “public body”
(B) The status report shall include progress toward meeting objectives and outcomes; sources of private and other funding supporting the contract, to include whether any matching funds are being used; sources of funds for success payments made into the trust fund; and success payments made to date.
Terms Used In South Carolina Code 11-60-60
- Contract: A legal written agreement that becomes binding when signed.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
(C) Status reports pursuant to subsection (A) must be provided to the authority and the State Auditor, who shall maintain a central repository for these reports and for pay-for-success contracts and who shall publish such documents on its website. Any organization receiving funding pursuant to this chapter is subject to audit by the Office of the State Auditor.
(D) In status reports to the authority pursuant to subsection (A), the Board of Economic Advisors shall account for trust fund revenue separately from general fund revenues.
(E) Any private-sector organization receiving funding pursuant to this chapter is considered a "public body" under § 30-4-20(a) and is subject to records production requirements of the Freedom of Information Act, § 30-4-10, et seq., with regard to any records related to a pay-for-success contract.