(c)

1. (1) Financial reports, including the required personnel data, shall be filed with the Arkansas Fire and Police Pension Review Board no later than March 31 of each year for the previous calendar year.
2. (2) The Executive Director of the Arkansas Fire and Police Pension Review Board may extend this date in writing, but in no case will this date be extended beyond May 15.
3. (3) The failure of a local plan to submit this information by this date may result in the loss of premium tax allocations to the local plan and the location sponsoring the local plan as described in 24 CAR § 20-1201 et seq.

(e) Each financial report shall include at least the following:

1. (1)

   1. (A) The local plan’s revenues and expenditures during the year.
   2. (B) The revenues exhibit shall allow at least the annual total for each of the following items:

(i) Employee contributions;

1. (ii) Employer contributions from state;

   1. (iii) Employer contributions, other;

      1. (iv) Investment income:

(b) (b) Gain or loss on sales;

1. (c) (c) Other (specify); and

   1. (d) (d) The total of subdivisions (e)(1)(B)(iv)(a) – (c) of this section;

      1. (v) Other (specify); and
      2. (vi) The total of subdivisions (e)(1)(B)(i) – (v) of this section.

   2. (C) The expenditures exhibit shall show at least the annual total for each of the following items:

      1. (i) Refunds of employee contributions;
      2. (ii) Benefits paid;
      3. (iii) Administrative expenses;
      4. (iv) Other (specify); and
      5. (v) The total of subdivisions (e)(1)(C)(i) – (iv) of this section.
   3. (D) The difference between revenues and expenditures is the change in plan reserve assets for the year;

2. (2)

   1. (A) The plan reserve assets exhibit at year-end shall show at least the total for each of the following items:

      1. (i) Cash and bank checking account (noninterest bearing);
      2. (ii) Bank deposits, interest earning;
      3. (iii) Savings and loan deposits, interest earning;
      4. (iv) Other cash equivalents, maturing one (1) year or less;
      5. (v) United States Government securities;
      6. (vi) Mortgages;
      7. (vii) Corporate bonds;
      8. (viii) Corporate common stock;
      9. (ix) Other (specify); and
      10. (x) The total of subdivisions (e)(2)(A)(i) – (ix) of this section.
   2. (B) The asset values shall be cost values or amortized cost values.
   3. (C) If corporate common stock is held, there shall also be shown separately the year-end market value of such stock;
3. (3) The accumulated employee contributions at year end of all nonretired covered employees;

4. (4)

   1. (A) The chair of the local board of trustees shall certify that all information contained in the report is an accurate reflection of the financial activities of the local plan.
   2. (B) The Arkansas Fire and Police Pension Review Board may add additional certifications as part of the annual financial report; and

5. (5)

   1. (A) The staff of the Arkansas Fire and Police Pension Review Board may:

      1. (i) Refuse to accept financial reports in which the reported balances do not reconcile or which are incomplete; and
      2. (ii) Require the local plan to submit corrected or new reports.
   2. (B) A local plan will not be shown as having reported for the year until an adequate report has been accepted by Arkansas Fire and Police Pension Review Board staff.
   3. (C) Staff refusal to accept inadequate or incorrect reports will be subject to review by the Arkansas Fire and Police Pension Review Board if requested in writing by the local plan.