(a) Fiscal records shall be kept by the executive director or his or her designee, if applicable, otherwise by the commission chair and shall be subject to annual audit by the Department of Examiners of Public Accounts. The audit report shall become a part of the annual report and shall be submitted in accordance with the regulations governing preparation and submission of the annual report.
(b) Commission members or employees of the commission who are responsible for receiving and disbursing commission funds shall be bonded in an amount satisfactory to the commission, but not less than fifty thousand dollars ($50,000).