1. (a) The department will maintain a list of closely related nonprofit organizations and periodically update said list.
2. (b) Funds accepted by closely related nonprofit organizations on behalf of the department are to be managed as a reasonably prudent person would manage funds if acting on their own behalf and such funds are to be accounted for according to generally accepted accounting principles.
3. (c) All closely related nonprofit organizations must enter into a memorandum of agreement with the department which details their responsibilities and duties no later than six months after the effective date of these regulations.

Source Note:The provisions of this §51.162 adopted to be effective December 31, 1996, 21 TexReg 12305; amended to be effective February 25, 2001, 26 TexReg 1750.