1. (a) The Annual Financial Report must be filed no later than 60 days after August 31 of each fiscal year.

   1. (1) A District's funds will be considered out of compliance and placed on "hold" status if an Annual Financial Statement is not received by the State Soil and Water Conservation Board by October 30 of each fiscal year.
   2. (2) A District's funds will be placed on "hold" status if the Annual Financial Statement has been received by the due date but the District has not corrected errors on the Annual Financial Statement by December 31 of each fiscal year.

2. (b) The Audit Report must be filed no later than 120 days after August 31 of each even numbered years.

   1. (1) A District's funds will be considered out of compliance and placed on "hold" status if an Audit Report is not received by the State Soil and Water Conservation Board by January 1 of each odd numbered year.
   2. (2) A District's funds will be placed on "hold" status if the Audit Report has been received by the due date but the District has not corrected errors on the Audit Report by February 28 of odd numbered years.

Source Note:The provisions of this §525.8 adopted to be effective June 30, 2002, 27 TexReg 5800.