Section 1670-05-01-.03 - REQUIREMENTS AND AUDIT(1) The applying Organization is required to furnish the Department of Tourist Development an annual report of its activities conducted by an independent public accountant registered with the Tennessee State Board of Accountancy for the prior fiscal year (July 1 of the prior year through June 30 of the present year). This report must be received by the Commissioner of Tourist Development before consideration will be given to approving said Organization for new fiscal year funding of State Matching Funds. Additionally, each applying Organization shall be subject to audit annually by the Office of the Comptroller of the Treasury, State of Tennessee.(2) Bylaws of the applying Organization shall accompany the applying Organization's request for State Matching Funds, together with a roster of the Organization's Officers, Directors and Members of the Board showing representation from each county represented by the Organization. The Bylaws shall require that the applying Organization will operate under generally accepted good business practices. In addition, the applying Organization must provide the following: (a) Documentation showing the signature of at least one (1) authorized person from the Organization shall be required on all checks written on the Organization's account;(b) Proof that Paid Executive(s) and other persons having access to the funds of said Organization are bonded at least to the amount of the State Matching Funds portion of the Organization's annual budget; and,(c) Documentation of the dues structure of the Organization.(3) The applying Organization shall submit, together with its application for State Matching Funds at the beginning of a fiscal year (July 1), a copy of the Organization's marketing plan and total budget projections for the full fiscal year.(4) No application for State Matching Funds will be considered at the commencement of a fiscal year until an independent public accountant registered with the Tennessee State Board of Accountancy has furnished the Department of Tourist Development with an annual report of the Organization's activities for the previous fiscal year and it has been received and reviewed by the Commissioner of the Department of Tourist Development and found to be in compliance with these guidelines and the intent of applicable provision of the Tennessee Code Annotated.(5) The applying Organization must submit a letter, signed by its officers, stating that the Organization's officers fully comprehend and intend to adhere to these guidelines and the applicable Sections of the Tennessee Code Annotated.Tenn. Comp. R. & Regs. 1670-05-01-.03
Original Rule filed June 1, 1976; effective July 1, 1976. Repeal and new rule filed August 27, 1979; effective October 10, 1979. Amendments filed June 3, 2016; effective 9/1/2016.Authority: T.C.A. §§ 4-346, 4-3-2201 et seq., 4-3-2206, and 4-5-201 et seq.