§ 14-144-314 - Accounts and reports. - Arkansas Statutes

14-144-314. Accounts and reports.

(a) (1) All funds received by a research park authority shall be deposited in such banks as the research park authority may direct and shall be withdrawn from those banks in a manner the authority may direct.

(2) (A) Each authority shall keep strict account of all of its receipts and expenditures and shall each quarter make a report to those participating entities that have made contributions.

(B) (i) The report shall contain an itemized account of the authority's receipts and disbursements during the preceding quarter.

(ii) The report shall be made within sixty (60) days after the end of the quarter.

(b) (1) (A) Within sixty (60) days after the end of each fiscal year, each research park authority shall cause an annual audit to be made by an independent certified public accountant and shall file a copy of the resulting audit report with each of the governing bodies participating in the authority.

(B) The audit shall contain an itemized statement of the authority's receipts and disbursements for the preceding year.

(2) The books, records, and accounts of each authority shall be subject to audit and examination by any proper public official or body in the manner provided by law.