South Carolina Code 59-53-640. Commission to maintain record of its receipts and expenditures; reports to be filed; audits to be conducted
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Terms Used In South Carolina Code 59-53-640
- 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.
The commission must at all times keep full and accurate account of its acts and of its receipts and expenditures and at least once within four months following the close of its fiscal year, a complete audit of its affairs must be made by a qualified public accountant. Copies of the audit must be filed with the State Board of Technical and Comprehensive Education.