(a) The board shall establish its account(s) and deposit its funds therein with any bank qualified to serve as a state depositary. All funds shall be governed by the applicable laws of Alabama, including the state bid law and the ethics act. Nothing herein shall be deemed to require uncompensated compact delegates, compact members, and board members to file annual statements of economic interests. The board shall adopt an annual budget, provide for its administration, and require bonding of officers and employees as it deems necessary and pay premiums therefor.
(b) There shall be an annual audit performed by a certified public accountant, appointed by the board, and a copy shall be furnished to the board, executive director, and to the Department of Examiners of Public Accounts. Nothing herein shall preclude the department from conducting an examination of the books or finances of the compact.
Structure Code of Alabama
Chapter 44A - Alabama Compact for Leadership and Citizenship Education.
Article 1 - General Provisions.
Section 16-44A-1 - Legislative Intent.
Section 16-44A-3 - Frequency and Purpose of Membership Meetings.
Section 16-44A-5 - Non-Profit Public Corporation.
Section 16-44A-6 - Board of Directors; Election, Composition, Term.
Section 16-44A-7 - Representation of the Board of Directors Members; Meetings of Board.
Section 16-44A-8 - Governor of Alabama as Ex Officio President; Election of Chair and Vice-Chair.
Section 16-44A-10 - Membership and Fiscal Year; Dues.
Section 16-44A-11 - Creation of Advisory Committees; Purpose and Composition.
Section 16-44A-13 - Programs and Experiences Encouraged and Supported by Compact.
Section 16-44A-14 - Powers of Board of Directors.
Section 16-44A-15 - Remuneration of Board of Directors Members.
Section 16-44A-17 - Distribution of Residual Assets in the Event of Dissolution of Compact.