A. The foundation and the corporation shall, promptly following the close of each fiscal year, each submit an annual report of their activities for the preceding year to the governor, the state corporation commission [public regulation commission], the state auditor and the legislative finance committee. Each report shall set forth a complete operating and financial statement of the foundation and the corporation during the year. The boards of directors of the foundation and the corporation shall annually contract with an independent certified public accountant, licensed by the state, to perform a joint examination and audit of the accounts and books of the foundation and the corporation, including their receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to their financial standing, and shall make a determination as to whether the foundation and corporation have complied with the provisions of the Educational Assistance Act [21-21A-1 NMSA 1978]. If the boards of directors cannot agree upon an auditor to perform the annual audit, the director of the financial institutions division of the commerce and industry department [regulation and licensing department] shall appoint the auditor. The person performing the audit shall furnish copies of the audit report to the governor, the state corporation commission [public regulation commission], the state auditor and the legislative finance committee where they shall be placed on file and made available for inspection by the general public.
B. The director of the financial institutions division of the commerce and industry department [regulation and licensing department] shall examine the condition of the foundation and corporation at least once in each calendar year and shall make a determination as to whether the foundation and the corporation have complied with the provisions of the Educational Assistance Act. The results of the examination shall be set forth in a written report which shall be a public record.
C. Subject to the provisions of any contract with bondholders or noteholders, the foundation shall prescribe a system of accounts.
D. The costs of audits and examinations performed pursuant to this section shall be paid by the foundation.
A. The foundation and the corporation shall, promptly following the close of each fiscal year, each submit an annual report of their activities for the preceding year to the governor, the state corporation commission [public regulation commission], the state auditor and the legislative finance committee. Each report shall set forth a complete operating and financial statement of the foundation and the corporation during the year. The boards of directors of the foundation and the corporation shall annually contract with an independent certified public accountant, licensed by the state, to perform a joint examination and audit of the accounts and books of the foundation and the corporation, including their receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to their financial standing, and shall make a determination as to whether the foundation and corporation have complied with the provisions of the Educational Assistance Act [21-21A-1 NMSA 1978]. If the boards of directors cannot agree upon an auditor to perform the annual audit, the director of the financial institutions division of the commerce and industry department [regulation and licensing department] shall appoint the auditor. The person performing the audit shall furnish copies of the audit report to the governor, the state corporation commission [public regulation commission], the state auditor and the legislative finance committee where they shall be placed on file and made available for inspection by the general public.
B. The director of the financial institutions division of the commerce and industry department [regulation and licensing department] shall examine the condition of the foundation and corporation at least once in each calendar year and shall make a determination as to whether the foundation and the corporation have complied with the provisions of the Educational Assistance Act. The results of the examination shall be set forth in a written report which shall be a public record.
C. Subject to the provisions of any contract with bondholders or noteholders, the foundation shall prescribe a system of accounts.
D. The costs of audits and examinations performed pursuant to this section shall be paid by the foundation.
A. The foundation and the corporation shall, promptly following the close of each fiscal year, each submit an annual report of their activities for the preceding year to the governor, the state corporation commission [public regulation commission], the state auditor and the legislative finance committee. Each report shall set forth a complete operating and financial statement of the foundation and the corporation during the year. The boards of directors of the foundation and the corporation shall annually contract with an independent certified public accountant, licensed by the state, to perform a joint examination and audit of the accounts and books of the foundation and the corporation, including their receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to their financial standing, and shall make a determination as to whether the foundation and corporation have complied with the provisions of the Educational Assistance Act [21-21A-1 NMSA 1978]. If the boards of directors cannot agree upon an auditor to perform the annual audit, the director of the financial institutions division of the commerce and industry department [regulation and licensing department] shall appoint the auditor. The person performing the audit shall furnish copies of the audit report to the governor, the state corporation commission [public regulation commission], the state auditor and the legislative finance committee where they shall be placed on file and made available for inspection by the general public.
B. The director of the financial institutions division of the commerce and industry department [regulation and licensing department] shall examine the condition of the foundation and corporation at least once in each calendar year and shall make a determination as to whether the foundation and the corporation have complied with the provisions of the Educational Assistance Act. The results of the examination shall be set forth in a written report which shall be a public record.
C. Subject to the provisions of any contract with bondholders or noteholders, the foundation shall prescribe a system of accounts.
D. The costs of audits and examinations performed pursuant to this section shall be paid by the foundation.
