(a) The corporation shall file an annual report of the financial activity of the corporation with the department. The corporation’s board of directors shall submit the report to the governor, lieutenant governor, speaker of the house of representatives, and comptroller.
(b) The corporation shall file the report by the date established in the General Appropriations Act.

Terms Used In Texas Government Code 2306.559

  • Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
  • 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.

(c) The corporation shall prepare the report in accordance with generally accepted accounting principles.
(d) The report must include:
(1) a statement of support, revenue, and expenses and change in fund balances;
(2) a statement of functional expenses;
(3) balance sheets for all funds;
(4) the number, amount, and purpose of private gifts, grants, donations, or other funds applied for and received;
(5) the number, amount, and purpose of loans provided to affordable housing developers, regardless of whether the corporation provides those loans directly to the developers or administers the loans from another source;
(6) the amount and source of funds deposited into any fund created by the corporation for the purpose of providing grants and the number, amount, and purpose of any grants provided; and
(7) the total amount of annual revenue generated by the corporation in excess of its expenditures.
(e) The corporation shall file quarterly performance reports with the department.
(f) Promptly on receipt, the corporation shall file with the Bond Review Board a report for the preceding fiscal year. The report must contain the status of all outstanding debts and obligations of the corporation, the status of collateral pledged as security for those debts and obligations, and a maturity and payment schedule for those debts and obligations.

  Previous section
Next section  
 Subchapter Y Contents