The fiscal year of the southern Ohio agricultural and community development foundation shall be the same as the fiscal year of the state.
Within ninety days after the end of each fiscal year, the foundation shall submit to the governor and the general assembly both of the following:
(A) A report of the activities of the foundation during the preceding fiscal year. The report shall also contain an independent evaluation of the progress being made by the foundation in carrying out its duties.
(B) A financial report of the foundation for the preceding year, which shall include both:
(1) Information on the amount and percentage of overhead and administrative expenditures compared to programmatic expenditures;
(2) An independent auditor's report on the basic financial statements and required supplementary information of the foundation. Such financial statements shall be prepared in conformity with generally accepted accounting principles prescribed for governmental entities.
On or before July 1, 2010, the foundation shall report to the governor and the general assembly on the progress that the foundation has made in replacing the production of tobacco in southern Ohio with the production of other agricultural products and in mitigating the adverse economic impact of reduced tobacco production in the region.
Effective Date: 09-05-2001; 2007 HB119 06-30-2007