Bill > H1044

This bill proposes to eliminate the requirement for higher education institutions to file Form 901, which is a financial reporting form. Instead, it mandates that each public higher education institution must annually produce audited financial statements. These statements must adhere to generally accepted accounting principles, generally accepted auditing standards, and generally accepted governmental auditing standards, and follow specific procedures for timeliness and disclosures set by the state comptroller and approved by the state auditor. The financial statements will need to cover all expenditures and revenues from both appropriated and non-appropriated funds and be submitted by October 15th each year to various government officials and committees, including the governor, office of the state comptroller, the board of higher education, the house and senate committees on ways and means, and the joint committee on higher education.