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Title 3 . Commerce, Community, and Economic Development
Chapter 89 . Fisheries Enhancement Tax Appropriations
Section 120. Annual financial report

3 AAC 89.120. Annual financial report

(a) An association must submit to the department an annual financial report within 120 days after the close of the fiscal year. The annual financial report must contain the following information:

(1) an income statement describing the association's sources of financing and income received by the association during the fiscal year;

(2) an expenditure statement describing the association's expenses incurred during the fiscal year, broken down by project and administrative function, and itemizing expenses for each project and administrative function, including salaries, wages, benefits, travel, per diem, contracts, expendable equipment, commodities, depreciable assets and cash reserves;

(3) net income or loss for the fiscal year;

(4) a balance sheet prepared at the end of the 12-month reporting period ending June 30, showing all assets and liabilities of the association; and

(5) a statement of change in financial position for the twelve-month period ending June 30.

(b) An annual financial report must be prepared using generally accepted accounting procedures. The expenditure statement required by (a)(2) of this section may be prepared using a cash or an accrual system of accounting. The system of accounting used for the expenditure statement must be identified.

(c) Failure to submit an annual financial report within the required time may result in withholding disbursement of money under future grants until the report is submitted.

(d) The annual financial report must include an opinion expressed by an independent public accounting firm.

History: Eff. 6/18/82, Register 82; am 7/4/91, Register 119; am 8/10/97, Register 143

Authority: AS 43.76.025

AS 43.76.030

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Last modified 7/05/2006