State Codes and Statutes
Statutes > Maryland > Correctional-services > Title-3 > Subtitle-5 > 3-508§ 3-508. Records; financial statements.
(a) In general.- The Division shall:
(1) formulate an accounting and record system that at all times indicates the source, nature, and extent of purchases and sales of Maryland Correctional Enterprises; and
(2) maintain accounting records and prepare financial statements in accordance with generally accepted accounting principles for enterprise fund type activities.
(b) Annual financial statement.- The financial statements required under subsection (a)(2) of this section shall be prepared and available for audit purposes not later than 60 days after the close of each fiscal year.
[An. Code 1957, art. 27, § 681-I(a); 1999, ch. 54, § 2; 2005, ch. 25, § 13; ch. 124.]
