N.M. Admin. Code § 8.26.5.19

Current through Register Vol. 35, No. 21, November 5, 2024

Section 8.26.5.19 - FISCAL ACCOUNTABILITY

A. Financial statement availability: An agency shall maintain complete financial records. A copy of an agency's financial statements, which demonstrates the financial condition of the agency, shall be submitted to PSD with the agency's license renewal request.

B. Donations and charitable contributions: An agency shall maintain complete records of any donations of money or property received by the agency. The records shall include representations made by the agency or donor regarding how donations will be used and document how the funds will be spent according to the stated purposes. The agency also shall document unsolicited donations and how the donations are utilized or spent.

C. Independent accountability: The agency shall have an annual financial audit conducted by an independent certified public accountant. Such records are submitted to PSD with the agency's license renewal request.

D. Audit: PSD may conduct an unannounced audit of any agency, as deemed necessary. Such an audit may be conducted or contracted by PSD. The agency fully cooperates with PSD.

E. Liability insurance: The agency shall provide proof of professional liability insurance acceptable to PSD.

N.M. Admin. Code § 8.26.5.19

8.26.5.19 NMAC - N, 5/29/09