1. A. Financial records shall be subject to local, state, and federal audits and shall be maintained in an orderly fashion using generally accepted accounting principles and shall be retained per the Library of Virginia retention schedule.
2. B. An annual income statement shall be submitted to the commission by August 1 of each calendar year.

3. C. Monthly financial reports shall be submitted to the commission by the 15th calendar day of the following month. ASAPs that fail to send in their monthly financial report by the 15th calendar day of the following month shall pay the following daily late fees to the commission, unless otherwise approved by the commission:

   1. 1. $25 daily late fee for the first five calendar days in which the monthly financial report is not received by the commission; and

   2. 2. $100 daily late fee for any calendar days after the first five days in which the monthly financial report is not received by the commission.

      ASAPs that are more than 15 calendar days late in submitting the prior month's financial report may be decertified by the commission.

4. D. All ASAP financial reports, to include monthly financial reports, budgets, or any other financial report required by the commission, shall be submitted to the commission via a method established by the commission.

Statutory Authority

§ 18.2-271.2 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 39, Issue 20, eff. June 21, 2023.