Maryland Code, HUMAN SERVICES 11-505
Terms Used In Maryland Code, HUMAN SERVICES 11-505
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(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) 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.