Arkansas Code Title 15. Natural Resources and Economic Development § 15-3-116. Deposit of moneys--Audit

(a) All moneys coming into the hands of the Division of Science and Technology of the Arkansas Economic Development Commission shall be deposited into one (1) or more financial institutions selected by the Director of the Arkansas Economic Development Commission with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission and authorized to do business in this state.

(b) Moneys received by the division from appropriations of the General Assembly shall be deposited, administered, and accounted for in such manner as the General Assembly may provide.

(c) The director shall provide for an audit to be performed and accepted by a certified public accountant or firm within sixty (60) days following the conclusion of each fiscal year of the division and shall file copies thereof with the Legislative Joint Auditing Committee.

(d) The Legislative Joint Auditing Committee may accept such audit report or direct an audit of the financial record of the division by the staff of the Legislative Joint Auditing Committee.

(e) Notwithstanding any other law to the contrary regarding general revenue year-end fund balances, any moneys received from the repayment of seed capital investments authorized by the division and expensed from the Seed Capital Investments line item in the Division of Science and Technology--State Operations Section of Acts 2023, No. 605, shall: