Section ATCP 140.46 - Accounting systems; audits; reports(1) ACCOUNTING SYSTEM. Every marketing board shall maintain a complete accounting system for the management of marketing board receipts and expenditures. Accounting procedures shall conform to generally accepted accounting principles. Accounting systems shall provide for the periodic generation of balance sheets, income statements, statements of account balances, and other indicators of marketing board financial position. A marketing board shall provide the secretary with such reports of a marketing board's financial position as the secretary may require.(2) AUDITS. (a) Marketing board receipts, expenditures, accounts and fiscal operations shall be independently audited on an annual basis by a certified public accountant, in accordance with generally accepted accounting and audit principles. The audit shall include a review of compliance with applicable law, and with the established bylaws and procedures of the marketing board. The results of the audit shall be filed with the secretary within 120 days after the end of the marketing board's fiscal year.(b) Marketing board receipts, expenditures, accounts, fiscal operations, and all other records and operations of a marketing board may be audited by the department at any time, for the purpose of ascertaining compliance with applicable law. The department may exercise its authority under ch. 93, Stats., in support of its audit.(3) FINANCIAL STATEMENTS. Every marketing board shall prepare a year-end financial statement, independently audited and certified by a certified public accountant. The financial statement shall be filed with the secretary within 120 days after the end of the marketing board's fiscal year.(4) ANNUAL REPORTS. Every marketing board shall prepare an annual report on marketing board operations for each fiscal year, to be published at the conclusion of the fiscal year. The annual report shall include, at a minimum, a description of the projects funded during the year, the progress or results of each funded project, and the audited financial statement prepared under sub. (3). The annual report shall be filed with the secretary within 120 days after the end of the fiscal year. The annual report shall be made available for inspection and copying by the public. Within 180 days after the end of the fiscal year, the marketing board shall either mail a free copy of the annual report to each affected producer or handler, or publish notice to affected producers and handlers informing them that the annual report is available for free distribution to affected producers and handlers upon request.Wis. Admin. Code Department of Agriculture, Trade and Consumer Protection ATCP 140.46
Cr. Register, November, 1985, No. 359, eff. 12-1-85.