Section 202 – Revenue from assessment used to promote dairy industry — Deposit of money — Annual audit of books, records, and accounts — Annual financial report to producers.

• (1) The revenue derived from the assessment imposed by Section 4-22-201 shall be used exclusively for the:
  • (a) administration of this chapter; and
  • (b) promotion of the state’s dairy industry.

• (2) The commission may deposit the proceeds of the assessment in one or more accounts in one or more banks approved by the state as depositories.

• (3)
  • (a) The commission shall keep a voucher, receipt, or other written record for each withdrawal from the commission accounts.
  • (b) Money may not be withdrawn from the commission accounts except:
    • (i) upon order of the commission; or
    • (ii) pursuant to a procedure adopted by the commission if the withdrawal is subsequently ratified by the commission.

• (4) The books, records, and accounts of the commission’s activities are public records.

• (5)
  • (a) The accounts of the commission shall be audited once annually by a licensed accountant selected by the commission and approved by the state auditor.
  • (b) The results of the audit shall be submitted to the:
    • (i) commissioner;
    • (ii) commission; and
    • (iii) Division of Finance.
  • (c) The commission shall send annually a financial report to each producer.

Amended by Chapter 6, 2020 General Session