South Carolina Code 51-13-765. Maintenance of special accounts; fiscal reports; retention and use of earnings and interest
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(A) The Patriot’s Point Development Authority may maintain special accounts controlled by the authority and made up of funds received by the authority. The authority may retain and carry over these funds it has on account from fiscal year to fiscal year. The receipt and expenditure of funds in these accounts must be reported in an annual fiscal audit of the authority.
(B) All earnings and interest accrued on accounts held by the authority must be retained and expended by the authority to carry out its purpose and mission.
Terms Used In South Carolina Code 51-13-765
- 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.