(a)    On or before August 30 of each fiscal year, the Association shall submit to the Department, the Legislative Auditor, and to the Board of Public Works an annual report that includes:

(1)    the number and total amount of grants and the number and total amount of loans made in the previous fiscal year;

(2)    for each grant or loan made:

(i)    the volunteer company that received the grant or loan;

(ii)    the amount of the grant or loan; and

(iii)    the specific purpose of making the grant or loan;

(3)    for each volunteer company that received a grant or loan:

(i)    the financial statement of the volunteer company for the previous fiscal year or the year in which the grant or loan was received, whichever is available; and

(ii)    documentation of the volunteer company’s actual expenditures from the grant or loan;

(4)    for each loan made, the terms of the loan, including origination date, loan term, payment terms, payment amount, payments made to date, outstanding balance, and loan status; and

(5)    summary listings of grants and loans made during the previous fiscal year and outstanding loans, by county.

(b)    The Department shall:

(1)    review the documentation submitted in accordance with subsection (a) of this section on an annual basis to determine if each grant or loan was spent in accordance with this subtitle and the request approved by the Board of Public Works; and

(2)    report the findings to the Senate Budget and Taxation Committee and the House Appropriations Committee on an annual basis.

(c)    The Legislative Auditor may:

(1)    review the documentation submitted in accordance with subsection (a) of this section to determine if each grant or loan was spent in accordance with this subtitle and the requests approved by the Board of Public Works; and

(2)    report the findings to the Department and, subject to § 2-1246 of the State Government Article, to the Joint Audit Committee of the General Assembly.

(d)    The Comptroller may audit the financial affairs of the Association to ensure compliance with this subtitle.