Section 722.1031 - Annual accounting. - Michigan Statutes

FOSTER CARE TRUST FUND ACT (EXCERPT)
Act 525 of 2008

722.1031 Annual accounting.

Sec. 11.

(1) The board shall annually prepare an accounting of revenues and expenditures from the trust fund. This accounting shall be prepared using generally accepted accounting principles and in a manner that will provide detailed and itemized information regarding the revenues and expenditures of the trust fund. This accounting shall be provided to the senate and house of representatives appropriations committees.

(2) To the extent practical, the board shall annually prepare an accounting of revenues and expenditures from the trust fund for persons who have donated to the fund. This accounting does not need to be as detailed as the accounting required under subsection (1), but shall include general information about the amount of revenue raised, the types of expenditures made, and what the expenditures were made for.

History: 2008, Act 525, Imd. Eff. Jan. 13, 2009