Texas § 22.352 FINANCIAL RECORDS AND ANNUAL REPORTS.

Texas Statutes

§ 22.352 — FINANCIAL RECORDS AND ANNUAL REPORTS.

Texas § 22.352

Code BOBusiness Organizations Code

This text of Texas § 22.352 (FINANCIAL RECORDS AND ANNUAL REPORTS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Business Organizations Code Code Ann. § 22.352 (2026).

Text

Sec. 22.352. FINANCIAL RECORDS AND ANNUAL REPORTS.

(a)A corporation shall maintain current and accurate financial records with complete entries as to each financial transaction of the corporation, including income and expenditures, in accordance with generally accepted accounting principles.

(b)Based on the records maintained under Subsection (a), the board of directors of the corporation shall annually prepare or approve a financial report for the corporation for the preceding year. The report must conform to accounting standards as adopted by the American Institute of Certified Public Accountants and must include:

(1)a statement of support, revenue, and expenses;

(2)a statement of changes in fund balances;

(3)a statement of functional expenses; and

(4)a balance sheet for each fund.

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 22.352. FINANCIAL RECORDS AND ANNUAL REPORTS. (a) A corporation shall maintain current and accurate financial records with complete entries as to each financial transaction of the corporation, including income and expenditures, in accordance with generally accepted accounting principles.
(b) Based on the records maintained under Subsection (a), the board of directors of the corporation shall annually prepare or approve a financial report for the corporation for the preceding year. The report must conform to accounting standards as adopted by the American Institute of Certified Public Accountants and must include:
(1) a statement of support, revenue, and expenses;
(2) a statement of changes in fund balances;
(3) a statement of functional expenses; and
(4) a balance sheet for each fund.