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District of Columbia Code Division I. Government of District. § 2-1215. Annual report of BID corporation.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The Board of each BID corporation shall file an annual report with the Mayor and the Council in compliance with subsection (b) of this section and financial statements with the CFO in compliance with subsection (c) of this section in such forms and at such times as are prescribed by regulations promulgated under this subchapter.  The requirement for filing of an annual report shall commence in the first full fiscal year after BID registration.

(b) Each annual report shall include, at a minimum:

(1) A financial statement for the preceding year, including a balance sheet, statement of income and loss, and such other information as is reasonably necessary to reflect the BID's actual financial performance.  Such statements shall be certified by the treasurer of the BID corporation and shall be prepared on a cash basis or an accrual basis in accordance with generally accepted accounting principles consistently applied;

(2) A proposed operating budget for the then current fiscal year;  and

(3) A narrative statement or chart showing the results of operations in comparison to stated goals and objectives.

(c) Each financial statement package submitted to the CFO shall include, at a minimum, a financial statement, budget, and narrative statement in the same form as required by subsection (b) of this section.

(d) A copy of each annual report shall be sent to the Council, to any Advisory Neighborhood Commission in which any portion of the BID is located, and to all members in the BID, in each case by first class mail, personal delivery, or electronically.  Annual reports shall also be posted on BID websites.

(e) In connection with the filing of each annual report, each BID corporation shall allow its books and records to be open for inspection by the Mayor, the CFO, and the Council during reasonable working hours for such period of time as is prescribed by regulations promulgated under this subchapter.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-1215. Annual report of BID corporation. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-1215-13/

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