Section 11-505 - Financial audit or review. - Maryland Statutes

§ 11-505. Financial audit or review.
 

(a)  Required.- Each year, the Corporation shall require: 

(1) a financial audit by an independent certified public accountant of each grantee whose grant income from the Corporation in the most recently completed fiscal year was $50,000 or more; or 

(2) a financial review by an independent certified public accountant of each grantee whose grant income from the Corporation in the most recently completed fiscal year was less than $50,000. 

(b)  Report.- The report of each audit or review shall be: 

(1) submitted to the Governor; 

(2) made available to the Legislative Auditor; and 

(3) kept for at least 5 years at the principal office of the Corporation. 
 

[An. Code 1957, art. 10, § 45K(c); 2007, ch. 3, § 2.]