Indiana § 25-42-7-11 Payment of expenses; annual assessment; annual audit

Indiana Statutes

§ 25-42-7-11 — Payment of expenses; annual assessment; annual audit

Indiana·Title 25 PROFESSIONS AND OCCUPATIONS·Art. 42 INTERSTATE NURSE LICENSURE COMPACT·Ch. 7 Establishment of the Interstate Commission of Nurse

(a)The commission shall pay, or provide for the payment of, the reasonable expenses of the commission's establishment, organization, and ongoing activities.

(b)The commission may also levy on and collect an annual assessment from each party state to cover the cost of the commission's operations, activities, and staff in the commission's annual budget as approved each year. The aggregate annual assessment amount, if any, must be allocated based on a formula determined by the commission by promulgation of a rule that is binding on all party states.

(c)The commission shall not:

(1)incur an obligation of any kind before securing funds adequate to meet the obligation; or

(2)pledge the credit of any party state, except by and with the authority of, the party state.

(d)The commission shall

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(a) The commission shall pay, or provide for
the payment of, the reasonable expenses of the commission's
establishment, organization, and ongoing activities.
(b) The commission may also levy on and collect an annual
assessment from each party state to cover the cost of the commission's
operations, activities, and staff in the commission's annual budget as
approved each year. The aggregate annual assessment amount, if any,
must be allocated based on a formula determined by the commission
by promulgation of a rule that is binding on all party states.
(c) The commission shall not:
(1) incur an obligation of any kind before securing funds adequate
to meet the obligation; or
(2) pledge the credit of any party state, except by and with the
authority of, the party state.
(d) The commission shall keep accurate accounts of all receipts and
disbursements. The receipts and disbursements of the commission are
subject to the audit and accounting procedures established under the
commission's bylaws. However, all receipts and disbursements of funds
handled by the commission must be audited annually by a certified or
licensed public accountant, and the report of the audit must be included
in and be part of the annual report of the commission.

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