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Ch. 622 2006 LAWS OF MARYLAND
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8-206.
(a) On or before August 30 of each fiscal year, the Association shall submit to
the Department, the Legislative Auditor, and to the Board of Public Works an annual
report that includes:
(1) the number and total amount of grants AND the number and total
amount of loans made in the previous fiscal year;
(2) for each grant or loan made:
(i) the volunteer company that received the grant or loan;
(ii) the amount of the grant or loan; and
(iii) the specific purpose of making the grant or loan;
(3) for each volunteer company that received a grant or loan:
(i) the financial statement of the volunteer company for the
previous fiscal year or the year in which the grant or loan was received, whichever is
[more recent] AVAILABLE; and
(ii) documentation of the volunteer company's actual expenditures
from the grant or loan;
(4) for each loan made, the terms of the loan, including origination date,
loan term, payment terms, payment amount, payments made to date, outstanding
balance, and loan status; and
(5) summary listings of grants and loans made during the previous fiscal
year and outstanding loans, by county.
(b) The Department shall:
(1) review the documentation submitted in accordance with subsection
(a) of this section on an annual basis to determine if each grant or loan was spent in
accordance with this subtitle and the request approved by the Board of Public Works;
and
(2) report the findings to the Senate Budget and Taxation Committee
and the House Appropriations Committee on an annual basis.
(c) The Legislative Auditor may:
(1) review the documentation submitted in accordance with subsection
(a) of this section to determine if each grant or loan was spent in accordance with this
subtitle and the requests approved by the Board of Public Works; and
(2) report the findings to the Department and, subject to § 2-1246 of the
State Government Article, to the Joint Audit Committee of the General Assembly.
(d) The Comptroller may audit the financial affairs of the Association to
ensure compliance with this subtitle.
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