Bill Text: CT SB00240 | 2012 | General Assembly | Comm Sub
Bill Title: An Act Allowing The Retention Of An Administrative Cost Allowance From The Connecticut Independent College Student Grant Program For Compliance Audits.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2012-05-07 - Moved to Foot of the Calendar, Senate [SB00240 Detail]
Download: Connecticut-2012-SB00240-Comm_Sub.html
General Assembly |
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February Session, 2012 |
*_____SB00240APP___040412____* |
AN ACT ALLOWING THE RETENTION OF AN ADMINISTRATIVE COST ALLOWANCE FROM THE CONNECTICUT INDEPENDENT COLLEGE STUDENT GRANT PROGRAM FOR COMPLIANCE AUDITS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 10a-38 of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
In administering sections 10a-36 to 10a-42a, inclusive, the Office of Financial and Academic Affairs for Higher Education shall develop and utilize fiscal procedures designed to insure accountability of the public funds expended pursuant to said sections. Such procedures shall include provisions for compliance audits which may be conducted by the Office of Financial and Academic Affairs for Higher Education of any independent college or university which participates in the program established pursuant to sections 10a-36 to 10a-42a, inclusive. Up to twenty thousand dollars of the annual appropriation to the program may be used to fund such audits. Commencing with the fiscal year ending June 30, 1989, and biennially thereafter, each such independent institution shall submit the results of an audit done by an independent certified public accountant for each year of participation in the program. Independent colleges and universities determined by the office not to be in substantial compliance with the provisions of sections 10a-40, 10a-41 and 10a-42g shall be ineligible to receive funds under the program for the fiscal year next following the fiscal year in which the independent college or university was determined not to be in substantial compliance pursuant to this section and for each fiscal year thereafter until the office determines that the college or university is in substantial compliance with the provisions of this section.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2012 |
10a-38 |
HED |
Joint Favorable Subst. C/R |
APP |
APP |
Joint Favorable |