Mich. Admin. Code R. 400.12203

Current through Vol. 24-19, November 1, 2024

Section R. 400.12203 - Financial stability

Rule 203.

(1) An agency shall demonstrate sufficient financing, on an ongoing basis, to ensure the agency is carrying out its programs and meeting the requirements for licensing. A plan of financing must include all the following:

(a) A listing of all income sources and the anticipated amount of income for the current fiscal year.

(b) An annual budget for the current fiscal year.

(c) A copy of the income and expenditures from the previous fiscal year.

(d) A copy of the nonprofit tax return from the previous fiscal year.

(e) An audit of all financial accounts conducted annually by an independent certified public accountant not administratively related to the agency. A copy of the audit shall be available to the department upon request.

(2) Subdivisions (d) and (e) of subrule (1) do not apply to a governmentally operated agency.

Mich. Admin. Code R. 400.12203

1998-2000 AACS; 2014 AACS; 2023 MR 12, Eff. 6/26/2023