18A:3B-53.8 Chief financial officer, public institution of higher education, duties, responsibilities.
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/nj/title-18a/chapter-3b/18a-3b-53-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
8. a. The Secretary of Higher Education shall establish the duties and responsibilities of a chief financial officer of a public institution of higher education, which shall include, but not be limited to:
(1)acting as the lead agent on matters pertaining to financial reporting and planning, budget preparation, and management of investments and debts;
(2)ensuring the short-term and long-term fiscal health of the institution;
(3)providing oversight of the business practices of the institution;
(4)aligning the institution's budget and strategic plans; and
(5)reporting the financial condition of the institution to the secretary, and the governing board and president of the institution on a regular basis.
b. The secretary, in consultation with the State Comptroller and the Attorney General, shall prescribe terms and conditions, consistent with applicable State and federal law, upon which a chief financial officer may be held accountable for violations of the fiduciary duties of that position, including incompetence, or for any dishonest, deceptive, or fraudulent practice.
L.2023, c.115, s.8.