Mich. Admin. Code R. 400.12203 - Financial stability
Rule 203.
(1) An
agency shall demonstrate sufficient financing, on an ongoing basis, to ensure
the agency is carrying out its programs and meeting the requirements for
licensing. A plan of financing must include all the following:
(a) A listing of all income sources and the
anticipated amount of income for the current fiscal year.
(b) An annual budget for the current fiscal
year.
(c) A copy of the income and
expenditures from the previous fiscal year.
(d) A copy of the nonprofit tax return from
the previous fiscal year.
(e) An
audit of all financial accounts conducted annually by an independent certified
public accountant not administratively related to the agency. A copy of the
audit shall be available to the department upon request.
(2) Subdivisions (d) and (e) of subrule (1)
do not apply to a governmentally operated agency.
Notes
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