Texas § WA.49.198 - AUDIT REPORT EXEMPTION
Full text of Texas The Texas Constitution § WA.49.198 — AUDIT REPORT EXEMPTION, with citation guidance and answers to common questions.
§ WA.49.198. AUDIT REPORT EXEMPTION
AUDIT REPORT EXEMPTION. (a) A district may elect to file annual financial reports with the executive director in lieu of the district's compliance with Section 49.191 provided: (1) the district had no bonds or other long-term (more than one year) liabilities outstanding during the fiscal period; (2) the district did not have gross receipts from operations, loans, taxes, or contributions in excess of $250,000 during the fiscal period; and (3) the district's cash and temporary investments were not in excess of $250,000 during the fiscal period. (b) The annual financial report must be accompanied by an affidavit attesting to the accuracy and authenticity of the financial report signed by a duly authorized representative of the district. (c) The annual financial report and affidavit in a format prescribed by the executive director must be on file with the executive director within 45 days after the close of the district's fiscal year. (d) Districts governed by this section are subject to periodic audits by the executive director. Added by Acts 1995, 74th Leg., ch. 715, Sec. 2, eff. Sept. 1, 1995. Amended by Acts 1997, 75th Leg., ch. 1070, Sec. 10, eff. Sept. 1, 1997. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 444 (S.B. 1361 ), Sec. 1, eff. August 29, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1021 (H.B. 2694 ), Sec. 4.23, eff. September 1, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1037 (H.B. 3002 ), Sec. 1, eff. June 17, 2011.
Frequently Asked Questions About Texas § WA.49.198
What does The Texas Constitution § WA.49.198 cover?
Section WA.49.198 ("AUDIT REPORT EXEMPTION") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § WA.49.198?
A common citation format is "The Texas Constitution § WA.49.198" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § WA.49.198 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.