164.096 Postsecondary institutions -- Annual sworn financial disclosure statement.
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(a)No later than June 30 of each year, the president or chief executive officer of
each state institution or independent institution that is licensed or overseen by
the Council on Postsecondary Education, and the chair of the governing board
of each institution, shall jointly execute a signed, sworn statement attesting to
whether the institution:
1. Was in sound financial standing with a stable financial base to support
the mission of the institution and the scope of its programs and services
during the previous fiscal year;
2. Underwent an institutional audit for the most recent fiscal year prepared
by an independent certified public accountant or appropriate government
auditing agency employing the appropriate audit guide during the
previous fiscal year; and
3. Has an annual budget for the upcoming fiscal year that is preceded by
sound planning, subject to sound fiscal procedures, and approved by the
president of the institution and the chair of the governing board.
(b)In executing the statement required by paragraph
(a)of this subsection, a
president or chief executive officer and chair of the governing board of an
institution may reasonably rely upon the representations of an employee of the
institution that is responsible for the financial management and accounting of
the institution, including the treasurer or chief financial officer of the
institution, and external financial service providers.
(2)Each institution shall provide the sworn statement required by subsection
(1)of this
section to the president of the Council on Postsecondary Education, the chairs of the
Budget Review Subcommittee on Education of the Interim Joint Committee on
Appropriations and Revenue, and the co-chairs of the Interim Joint Committee on
Appropriations and Revenue.
(3)If an institution fails to provide a statement as required by subsection
(2)of this
section, the Council on Postsecondary Education shall have the authority to conduct
an investigation and request any financial documentation necessary to inform a
report on the financial data required by subsection
(1)of this section. The council
shall report its findings to the chairs of the Budget Review Subcommittee on
Education of the Interim Joint Committee on Appropriations and Revenue and the
co-chairs of the Interim Joint Committee on Appropriations and Revenue.