A. The foundation shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor, the secretary of state, the state auditor and the legislative finance committee. Each report shall set forth a complete operating and financial statement of the foundation during the year. The board of directors of the foundation shall annually contract with an independent certified public accountant, licensed by the state, to perform an examination and audit of the accounts and books of the foundation, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to its financial standing, and shall make a determination as to whether the foundation has complied with the provisions of the Educational Assistance Act. The person performing the audit shall furnish copies of the audit report to the governor, the secretary of state, the state auditor and the legislative finance committee, where they shall be placed on file and made available for inspection by the general public.

B. Subject to the provisions of any contract with bondholders or noteholders, the foundation shall prescribe a system of accounts.

C. The costs of audits and examinations performed pursuant to this section shall be paid by the foundation.

History: Laws 1981, ch. 319, § 16; 2011, ch. 168, § 6; 2013, ch. 75, § 11.

The 2013 amendment, effective July 1, 2013, assigned the functions of the corporations bureau to the secretary of state; in Subsection A, in the first sentence, after "the governor, the", deleted "corporations bureau of the public regulation commission" and added "secretary of state" and in fourth sentence, after "the governor, the", deleted "corporations bureau" and added "secretary of state".

The 2011 amendment, effective June 17, 2011, eliminated references to the loan guarantee corporation organized under repealed Section 21-21A-4 NMSA 1978; in Subsection A, eliminated the authority of the director of the financial institutions division of the commerce and industry department to appoint an auditor if the board of directors cannot agree upon an auditor; and eliminated the requirement that the director of the financial institutions division examine the foundation at least once each year to determine if the foundation has complied with the Educational Assistance Act.