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2025 California Code
Public Utilities Code - PUC
DIVISION 11 - TRANSIT DEVELOPMENT BOARDS
CHAPTER 3 - Administration
Section 120108.
Universal Citation:
CA Pub Util Code § 120108 (2025)
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120108. The board shall maintain accounting records and shall report accounting transactions in accordance with generally accepted accounting principles as adopted by the Government Accounting Standards Board (GASB) of the Financial Accounting Foundation for both public reporting purposes and for reporting of activities to the Controller. The activities of any nonprofit corporation or other legal entity wholly owned or controlled by the board and operating a public transit system shall be reported separately in the board’s annual report to the Controller.
(Added by Stats. 1986, Ch. 864, Sec. 2.)
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