Accounting system; use of funds; payments to commission

The corporation shall maintain a system of accounts in accordance with generally accepted accounting procedures and standard accounting procedures and systems established by the state, where applicable, which shall, among other things, properly identify and account for all funds received by the corporation, the source of such funds, and all expenditures of the corporation. Agency, federal, and other funds of the corporation, determined to be available for such purposes, may be used to discharge any guaranty obligation of the corporation, to pay any state interest subsidy and lender discount payment obligations of the corporation, and to pay expenses and operating costs incurred by the corporation, including payments to the commission to defray expenses and operating costs of the corporation paid or to be paid by the commission for or on behalf of the corporation. No funds of the corporation shall lapse to the state as of the close of any fiscal year. (Code 1933, § 32-3308, enacted by Ga. L. 1980, p. 835, § 2.) 180 20-3-270 20-3-268. Annual audits of corporation; distribution of audit reports. The state auditor shall make an annual financial audit of the books, accounts, and records of the corporation. The state auditor shall maintain a copy of the audit report on file in his or her office, make copies of the report available for inspection by the general public, and furnish a copy of the report to the corporation, to members of the board of directors of the corporation, and to the Governor and shall notify the members of the General Assembly of the availability of the report in the manner which he or she deems to be most effective and efficient. (Ga. L. 1964, p. 735, § 12; Ga. L. 1965, p. 217, § 13; Code 1933, § 32-3341, enacted by Ga. L. 1980, p. 835, § 2; Ga. L. 2005, p. 1036, § 16/SB 49.) 20-3-269. Loan guaranties not state debt; directors and officers not personally liable for issuance of guaranties. Loan guaranties issued under this part shall not be deemed to constitute a debt, liability, or obligation of, or a pledge of the faith and credit of, the state but shall be payable solely from revenues or assets of the corporation provided for such payment pursuant to paragraph (1) of Code Section 20-3-275. No director or officer of the corporation shall be subject to any personal liability or accountability by reason of the issuance of loan guaranties by the corporation. (Code 1933, § 32-3309, enacted by Ga. L. 1980, p. 835, § 2.)