(A) Annual financial process: The Middle East Tribute Board shall annually submit a budget contemporaneous in time to the city's budget and appropriation process. The Board shall submit a financial report to the City Council at least annually and participate in the annual city audit.
(B) The Middle East Tribute Board shall maintain their own financial accounts and establish financial safeguards as reasonably required by the Mayor or auditor.
(C) The Middle East Tribute Board may solicit donations and collect receipts from events and use such funds to carry out their responsibilities.
(D) In the event the Middle East Tribute Board is dissolved, donated funds shall be transferred to a not-for-profit corporation having exempt purposes within the meaning of § 501(c)(3) of the Internal Revenue Code similar to that before assumed by the Middle East Tribute Board.
(Ord. 1328, passed 2-6-08)