(a)    (1)    Each cooperative shall have an audit committee as specified in its bylaws.

(2)    At least annually, the audit committee shall audit, or cause to have audited, the affairs of the cooperative and make a full report on the audit to the board of directors, the meeting of delegates, and the annual membership meeting.

(3)    A report for the previous fiscal year shall be read or presented in written form at the annual meeting of members of the cooperative and kept with the records of the cooperative.

(b)    Every cooperative shall prepare within 120 days of the close of its operations for each fiscal year, as specified in its articles of incorporation or bylaws, a report of its conditions which shall be available for inspection by the members of the cooperative. The report shall state, at a minimum:

(1)    The names, addresses, occupations, and date of expiration of the terms of the directors and officers;

(2)    The amount and nature of the cooperative’s authorized, subscribed, and paid-in capital, the par value of its stock, and the rate at which any return upon capital has been paid. For nonstock cooperatives, the annual report shall state the total number of members and the amount of membership equity received or allocated;

(3)    The annual receipts, annual expenditures, assets, and liabilities of the cooperative; and

(4)    The audit committee report or the report of the auditors.

(c)    A copy of this annual report shall be kept on file at the principal office of the cooperative and be made available to the members during regular business hours.