Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Board shall
maintain the books and records of the Program so that financial statements can
be prepared to satisfy the Act. Further, these books shall satisfy any
additional requirements of the Board and outside auditors.
1. The receipt and disbursement of cash by
the Program shall be recorded as it occurs.
2. Non-cash transactions shall be recorded
when assets or liabilities should be realized by the Program in accordance with
generally accepted accounting principles.
3. Assets and liabilities of the Program,
other than cash, shall be accounted for and described in itemized
records.
4. The net balance due to
or from the Program shall be calculated for each carrier and confirmed as
deemed appropriate by the Board or when requested by the respective carrier.
These balances should be supported by a record of each individual carrier's
financial transactions with the Program. These records include:
i. Any adjustments to assessments as
explained in this Plan;
ii.
Adjustments to the amount due to/from the Program based upon corrections to
carrier submissions;
iii. Interest
charges due from a carrier for late payment of amounts due to the Program;
and
iv. Other records required by
the Board.
5. The Board
shall maintain a general ledger which balances are used to produce the
Program's financial statements in accordance with generally accepted accounting
principles. The balances in the general ledger shall agree with the
corresponding balances in subsidiary ledgers or journals.
6. The Board's fiscal year shall begin on
July 1 and end on June 30.
7.
Assessments shall be paid when billed. If the assessment is not received by the
Board within 45 days of the invoice date, the carrier shall pay interest on the
assessment from the invoice date at the rate of 1.5 percent per month except if
the carrier is granted a deferral.
(b) All funds of the Program shall be
deposited in, and all disbursements made from, the General Treasury in
accordance with procedures established and approved by the Department of
Treasury, Office of Management and Budget, and all financial records shall be
kept in a form acceptable to the Office of Management and Budget.
1. Funds of the Program shall be deposited
into a dedicated account within the General Fund.
2. Moneys shall be credited from the General
Fund, with the approval of Director of the Division of Budget and Accounting to
the Program's bank accounts upon request by the Board through the
Department.
3. The Executive
Director shall make such requests for funds as directed by the Board and shall
deposit all moneys received from the Treasury in a Board bank account.
(c) A bank checking
account and interest-bearing investment accounts shall be established
separately in the name of the Program and shall be approved by the Board.
1. The Board shall authorize individuals to
sign checks on behalf of the Board.
2. All cash and other assets shall be
invested in accordance with the investment policy developed and approved by the
Board as permitted by applicable law. All investment income earned shall be
credited to the Program and shall be applied to reduce future assessments of
members for the Program administrative expenses.
