§ 42-64-28. Annual financial reports and performance report.
(a) The board shall approve and the Rhode Island commerce corporation shall submit to the governor, the president of the senate, the speaker of the house of representatives, and the secretary of state, within eleven (11) months after the close of its fiscal year, complete and detailed financial reports and a performance report. These reports shall cover the corporation and its subsidiaries and shall be posted electronically on the general assembly and the secretary of state’s websites as prescribed in § 42-20-8.1.
(b) The financial reports shall set forth the corporation’s:
(1) Operations;
(2) Receipts and expenditures during the fiscal year in accordance with the categories and classifications established by the corporation for its operating and capital outlay purposes including a listing of all private consultants engaged by the corporation on a contract basis and a statement of the total amount paid to each private consultant, a listing of any staff supported by these funds, and a summary of any clerical, administrative or technical support received;
(3) Assets and liabilities at the end of its fiscal year including a schedule of its leases and mortgages and the status of the reserve, special or other funds;
(4) Schedule of the bonds and notes outstanding at the end of its fiscal year together with a statement of amounts redeemed and incurred during the fiscal year;
(5) The reports shall be prepared by independent certified public accountants in accordance with generally accepted principles of accounting.
(c) The performance report shall include:
(1) A summary of performance during the previous fiscal year including accomplishments, shortcomings in general and relative to plan, and actions to be taken to remedy such shortcomings;
(2) For all board meetings and public hearings held by the corporation: the subjects addressed, decisions rendered, actions considered and their disposition; and, the minutes of these meetings and hearings if requested by the governor, the president of the senate, the speaker of the house of representatives, or the secretary of state;
(3) Rules or regulations promulgated by the board or corporation, a summary of studies conducted, policies and plans developed, approved, or modified, and programs administered, initiated or terminated;
(4) A synopsis of hearings, complaints, suspensions, or other legal matters related to the authority of the board or corporation;
(5) A summary of any training courses held pursuant to subdivision 42-64-8(a)(4);
(6) A briefing on anticipated plans and activities in the upcoming fiscal year; and findings and recommendations for improvements;
(7) Compliance with the reporting requirements of the general laws.
(d) The director of the department of administration shall be responsible for the enforcement of the provisions of this section.
History of Section.P.L. 1974, ch. 100, § 14; P.L. 2005, ch. 318, § 1; P.L. 2005, ch. 321, § 1; P.L. 2006, ch. 216, § 39; P.L. 2013, ch. 243, § 3; P.L. 2013, ch. 490, § 3.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64 - Rhode Island Commerce Corporation
Section 42-64-1. - Short title.
Section 42-64-1.1. - Change of name.
Section 42-64-2. - Legislative findings.
Section 42-64-3. - Definitions.
Section 42-64-6. - General powers.
Section 42-64-7. - Additional general powers.
Section 42-64-7.1. - Subsidiaries.
Section 42-64-7.2. - Amendment of the articles of incorporation of a subsidiary public corporation.
Section 42-64-7.3. - Voluntary dissolution of a subsidiary public corporation.
Section 42-64-7.4. - Water supply facilities.
Section 42-64-7.5. - Acceptance of federal grants.
Section 42-64-7.7. - Grant of powers to the corporation.
Section 42-64-7.9. - Orders as to pretreatment of sewage.
Section 42-64-7.11. - Venture capital forum program.
Section 42-64-7.12. - Transfer of functions to the Quonset Development Corporation.
Section 42-64-7.13. - National security infrastructure support fund.
Section 42-64-8. - Directors, officers, and employees.
Section 42-64-8.1. - Appropriation and expenses.
Section 42-64-8.2. - Role and responsibilities of board members.
Section 42-64-8.3. - Transparency requirements established.
Section 42-64-9. - Condemnation power.
Section 42-64-9.1. - Inspection powers.
Section 42-64-9.2. - Civil penalties.
Section 42-64-9.3. - Criminal penalties.
Section 42-64-9.4. - Procedures for enforcement.
Section 42-64-9.5. - Hearings.
Section 42-64-9.6. - Notice of decisions.
Section 42-64-9.7. - Notice of hearing on orders.
Section 42-64-9.8. - Procedure for hearings on orders.
Section 42-64-9.9. - Public access to information.
Section 42-64-9.10. - Rules and regulations — Notice of rule review.
Section 42-64-10. - Findings of the corporation.
Section 42-64-11. - Disposition of projects.
Section 42-64-12. - Community advisory committees.
Section 42-64-13. - Relations with municipalities.
Section 42-64-13.1. - Assistance to urban communities for economic revitalization.
Section 42-64-13.2. - Renewable energy investment coordination.
Section 42-64-14. - Relations with state agencies.
Section 42-64-15. - Bonds and notes of the corporation.
Section 42-64-16. - Short-term notes.
Section 42-64-17. - Security for bonds or notes.
Section 42-64-18. - Reserve funds and appropriations.
Section 42-64-19. - Trust funds.
Section 42-64-20. - Exemption from taxation.
Section 42-64-20.1. - Procedure.
Section 42-64-21. - Notes and bonds as legal investments.
Section 42-64-22. - Agreement of the state.
Section 42-64-23. - Credit of state.
Section 42-64-24. - State’s right to require redemption of bonds.
Section 42-64-25. - Remedies of bondholders and note-holders.
Section 42-64-26. - Authorization to accept appropriated moneys.
Section 42-64-27. - Assistance by state officers, departments, boards and commission.
Section 42-64-28. - Annual financial reports and performance report.
Section 42-64-29. - Inventory of development sites.
Section 42-64-30. - Inconsistent provisions.
Section 42-64-31. - Other statutes.
Section 42-64-31.1. - Rules and regulations.
Section 42-64-32. - Construction.
Section 42-64-33. - Severability.
Section 42-64-34. - Appointment of small business advocate.
Section 42-64-34.1. - Cooperation required.
Section 42-64-35. - Government contract procurement assistance.
Section 42-64-36. - Program accountability.
Section 42-64-37. - Loan and loan guarantee programs.
Section 42-64-38. - Audit of the corporation.
Section 42-64-39. - Business development center.
Section 42-64-40. - Court-approved settlements.
Section 42-64-41. - Report regarding small business lending.