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j,:::~~,;;", -. .:.....::/ ..002299 '" ~ - 9 - 2. Disbursement of such Administration funds shall be made by check signed by the Treasurer and countersigned by the Chairman or Vice-Chairman of the Administration. ' 3. In each even numbered year the Admigistration shall adopt and trans- mit to the Governor of each State its budget covering anticipated expenses for the forthcoming biennium and the amount thereof p~able by each State. 4. The fiscal accounts of the Administration and its employees shall not be subject to the auditing and accounting procedures of either the States of Colo- rado or Kansas; provided, that each State shall have the right to make an exarnina- tion and audit of the accounts of the Administration at any time. 5. All receipts and disbursements of the Administration shall be audited yearly by a certified public accountant to be selected by the Administration, and the report of audit shall be included in the annual report of the Administration. 6. The Treasurer shall prepare and keep an up-to-date inventory of all the p~erty of the Aqministration. 7. The fiscal year of the Administration shall begin July 1 of each year and end June 30 of the next succeeding year. ARTICLE VIII ANNUAL REPORT 1. The report year referred to in this Article for the making of the annual report shall commence on November 1 and end on the succeeding' October 31. 2. The Administration shall make and transmit on or before January first of each year to the Governors of the States of Colorado and Kansas and to the President of the United States a report covering its activities for the preceding report year, The annual report shall include, among other things, the following: (a) The receipts and expenditures of all funds of the Administration and all pertinent financial data.