(A) The monies constituting a fund of any kind used by the department in carrying out a purpose described in § 13-1-20 are public monies, notwithstanding their public or private source, and must be treated like public monies for all purposes. These monies are subject to all accountability requirements governing public monies, including compliance with the South Carolina Consolidated Procurement Code, unless exempt by formal approval of the State Fiscal Accountability Authority. These monies are also subject to all disclosure requirements governing public monies, unless exempt by § 30-4-40.

(B) In addition to all other required audits, reviews, and reports, by January first of each year the director must submit to the Governor, the President of the Senate, the Speaker of the House of Representatives, the members of the Senate Finance Committee, and the members of the House Ways and Means Committee a detailed written report of all expenditures for each fund during the previous calendar year. This report must include an explanation of the specific purpose of each expenditure including recreational or entertainment purposes. Expenditures made pursuant to negotiations with an industry or business and which are ongoing as of December thirty-first of the previous year may be excluded from that calendar year’s report and reported the following January or January of the year following public announcement by the company.