Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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.
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.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
(b) The agency shall file with the commissioner of finance and administration, the governor, and the general assembly within one hundred twenty (120) days after the end of its fiscal year, a report of its operations, receipts and expenditures during the year, its assets and liabilities, including a schedule of outstanding insurance, as of the end of such year, and such additional information as the commissioner shall request. This report shall be open to public inspection.(c) The comptroller of the treasury may from time to time, and shall at least once every two (2) years, examine the books and accounts of the agency. Subject to agreements with policyholders or mortgage holders, such funds as are available to the agency for the payment of administrative expenses shall be deposited in the state treasury to ensure that the administrative operation of the agency is conducted in a manner consistent with state agencies. Nothing in this chapter shall be construed as requiring the agency to act contrary to requirements for mortgage insurers established by the Federal National Mortgage Association or by the Federal Home Loan Mortgage Corporation, or as affecting the reserve funds of the agency.(d) All moneys of the agency, except as otherwise authorized or provided in this chapter, shall be deposited as soon as practicable in a separate account or accounts in banks, trust companies or savings and loan associations organized under the laws of the state or the United States and doing business in the state. The moneys in such accounts shall be paid out on checks signed by such officer or employee of the agency as the agency shall authorize. All accounts shall be insured by an agency of the United States government and moneys of the agency shall be deposited in such accounts only to the extent of deposit insurance for public funds.(e) The state treasurer, who shall serve as treasurer of the agency, shall invest any funds not required for immediate use or disbursement, including any funds held in reserve, according to the procedures and requirements set forth in law.(f) Subject to agreements with policyholders or mortgage holders, the annual budget of the agency shall be prepared in accordance with title 9, chapter 4.
