Annual review of accounts and records; review of charter.

(1) The accounts and records of a fair association whose annual public fair has an annual attendance of more than 25,000, based upon recorded attendance from the previous year, must be reviewed annually by a qualified accountant licensed by the state. A fair association whose annual public fair has an annual attendance of 25,000 or fewer, based upon recorded attendance from the previous year, or a fair association that is holding an annual public fair for the first time, must submit an annual financial statement that has been signed by an officer of the county. The results of the reviews must be kept in the official records of each association, available to all directors of the association. A certified copy of the review must be filed with the department:

(a) On request by the department to certify expenditures of the premiums awarded to exhibitors of a fair or of building funds if there is evidence of a violation of state laws; or

(b) When the association is applying for a fair permit.

(2) A fair association shall, every 5 years beginning July 1, 2026, review its charter and submit to the department a certified copy of the charter which incorporates any amendment made during the last 5 years. A designated member of the association shall attest that the charter is accurate and factual when submitting the certified copy to the department.