185.26 - ADMINISTRATION OF MONEYS.
185.26 ADMINISTRATION OF MONEYS.
1. The state assessment collected by the board shall be deposited
in a special fund known as the soybean promotion fund, in the office
of the treasurer of state. The fund may also contain any gifts or
federal or state grant received by the board. Moneys collected,
deposited into the fund, and transferred to the board, as provided in
this chapter, shall be subject to audit by the auditor of state. The
department of administrative services shall transfer moneys from the
fund to the board for deposit into an account known as the soybean
checkoff account which shall be established by the board in a
qualified financial institution. The department shall transfer the
moneys into the account as provided in a resolution adopted by the
board. However, the department is only required to transfer moneys
once during each day and only during hours when the offices of the
state are open. From moneys collected, deposited, and transferred to
the soybean checkoff account as provided in this section, the board
shall first pay the costs of referendums, elections, and other
expenses incurred in the administration of this chapter, before
moneys may be expended to carry out the purposes of the board as
provided in section 185.11. The board shall strictly segregate
moneys in the soybean checkoff account from all other moneys of the
board. Moneys in the soybean checkoff account shall be expended by
the board exclusively for carrying out the purposes of the board as
provided in section 185.11. The account shall be subject to audit by
the auditor of state.
2. The fiscal year of the association shall commence on October 1
and end on September 30. Section History: Early Form
[C73, 75, 77, 79, 81, § 185.26] Section History: Recent Form
94 Acts, ch 1146, §27; 2003 Acts, ch 145, §286; 2005 Acts, ch 82,
§22; 2006 Acts, ch 1030, §18
Referred to in § 185.13, 185.21, 185.29, 185.30, 185.34