Payment of expenses; annual assessment; annual audit

Sec. 11. (a) The commission shall pay, or provide for the payment of, the reasonable expenses of the commission's establishment, organization, and ongoing activities. (b) The commission may also levy on and collect an annual assessment from each party state to cover the cost of the commission's operations, activities, and staff in the commission's annual budget as approved each year. The aggregate annual assessment amount, if any, must be allocated based on a formula determined by the commission by promulgation of a rule that is binding on all party states. (c) The commission shall not: (1) incur an obligation of any kind before securing funds adequate to meet the obligation; or (2) pledge the credit of any party state, except by and with the authority of, the party state. (d) The commission shall keep accurate accounts of all receipts and disbursements. The receipts and disbursements of the commission are subject to the audit and accounting procedures established under the commission's bylaws. However, all receipts and disbursements of funds handled by the commission must be audited annually by a certified or licensed public accountant, and the report of the audit must be included in and be part of the annual report of the commission.