Section 3-508 - Records; financial statements. - Maryland Statutes

§ 3-508. Records; financial statements.
 

(a)  In general.- The Division shall: 

(1) formulate an accounting and record system that at all times indicates the source, nature, and extent of purchases and sales of Maryland Correctional Enterprises; and 

(2) maintain accounting records and prepare financial statements in accordance with generally accepted accounting principles for enterprise fund type activities. 

(b)  Annual financial statement.- The financial statements required under subsection (a)(2) of this section shall be prepared and available for audit purposes not later than 60 days after the close of each fiscal year. 
 

[An. Code 1957, art. 27, § 681-I(a); 1999, ch. 54, § 2; 2005, ch. 25, § 13; ch. 124.]