Bill Text: MI SB0691 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Agriculture: associations and commissions; growth assessments audit requirements; modify. Amends sec. 8 of 1965 PA 232 (MCL 290.658).
Spectrum: Bipartisan Bill
Status: (Passed) 2024-06-20 - Assigned Pa 0060'24 With Immediate Effect [SB0691 Detail]
Download: Michigan-2023-SB0691-Introduced.html
SENATE BILL NO. 691
A bill to amend 1965 PA 232, entitled
"Agricultural commodities marketing act,"
by amending section 8 (MCL 290.658), as amended by 2002 PA 601.
the people of the state of michigan enact:
Sec. 8. (1) Money, assets, or other items of value collected or received under this act, whether collected from assessments, received as grants or gifts, or earned from royalties or license fees or derived from any activities performed by another organization, agency, or individual and conducted under a marketing program, are not state money and shall must be deposited in a financial institution in this state. The money shall must be allocated to the marketing program under which it is collected or received and shall be disbursed only for the necessary expenses incurred for the marketing program according to the rules established under the marketing program and for grants authorized under a marketing agreement or marketing program.
(2) Except as otherwise provided for in this subsection, all expenditures shall must be audited by a certified public accountant at least annually and within 30 days after completion of the audit, the certified public accountant shall give copies of the audit to the members of the committee and the director. An activity and financial report shall must be published annually and made available to interested parties. A committee with annual assets collected producer assessments of $50,000.00 $40,000.00 or less, based upon on a 3-year average, shall must be audited twice once between referenda. and shall have a financial review conducted in those years where it is not audited under this subsection.Nothing in this subsection prevents the department from conducting oversight activities authorized by this act.
