Sec. F-2. 5 MRSA §1547, sub-§7 is enacted to read:

7.__Other related organizations.__All legislatively created public instrumentalities and related organizations for which the State is financially accountable or that have a significant relationship with the State as defined by a governmental accounting standards board that are not included in subsection 3, including but not limited to eligible institutions as defined in section 13103, that receive funds from bond issues must comply with the fiscal reporting policies established by the State Controller.__The fiscal and reporting policies must include:

A.__Internal control standards required by section 1541, subsection 10-A;

B.__Quarterly reporting to the State Controller that includes a detail of transactions and reconciliation of all accounts;

C.__No later than October 15th annually, submission to the Department of Administrative and Financial Services, Bureau of Accounts and Control of all financial statements and schedules of expenditures of federal awards;

D.__Financial statements that are prepared in accordance with the standards and requirements established by a governmental accounting standards board; and

E.__Submission annually to the Department of Administrative and Financial Services, Bureau of Accounts and Control of a copy of the independent auditor's report, including any findings, recommendations and management letter comments, and any other materials considered necessary by the State Controller.

Legislatively created public instrumentalities and other related organizations required to comply under this subsection who must also comply with the federal Office of Management and Budget circulars, regulations issued by a governmental accounting standards board or other accounting, auditing and reporting requirements may submit that information to the State Controller to satisfy the requirements of this subsection.

Sec. F-3. Transition. State agencies and departments must be in compliance with the Maine Revised Statutes, Title 5, section 1541, subsection 10-A by June 30, 2004.