Michigan Laws 141.897 – Disposition of assessment revenues; financial statements; certified report; copies
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(1) The assessment revenues collected under this act are not state funds. The regional marketing organization shall deposit assessment revenues collected under this act in a bank or other depository in this state in the name of the regional marketing organization. The assessment revenues shall be disbursed only for the expenses properly incurred by the regional marketing organization with respect to the tourism marketing program developed by the regional marketing organization under this act.
(2) The financial statements of the regional marketing organization shall be audited at least annually by an independent certified public accountant. The regional marketing organization shall mail a copy of the audited financial statements to each owner 150 days or less after the close of the regional marketing organization’s fiscal year. The financial statements shall include a statement of all assessment revenues received by the regional marketing organization during the fiscal year and shall be accompanied by a detailed report, certified as correct by the chief operating officer of the regional marketing organization, describing the tourism marketing programs implemented or, to the extent then known, to be implemented by the regional marketing organization.
Terms Used In Michigan Laws 141.897
- Assessment: means the amount levied against an owner under this act. See Michigan Laws 141.892
- Assessment revenues: means the money collected by a regional marketing organization from the assessment, including any interest and penalties on the assessment, imposed under this act. See Michigan Laws 141.892
- Director: means the president of the Michigan strategic fund or his or her designee. See Michigan Laws 141.892
- 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.
- Owner: means the owner of a transient facility that is located within the regional assessment district or, if the transient facility is operated or managed by a person other than the owner, then the operator or manager of that transient facility. See Michigan Laws 141.892
- Regional marketing organization: means a nonprofit corporation that promotes tourism within a region of this state. See Michigan Laws 141.892
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Tourism marketing program: means a program established by a regional marketing organization to develop, encourage, solicit, and promote tourism within a region of this state. See Michigan Laws 141.892
(3) On the same day copies of the audited financial statements and certified report are mailed under subsection (2), the regional marketing organization shall file a copy of the audited financial statements and certified report with the director.