3-4.01#1h (Auxiliary Enterprise Investment Yields) Auxilary Indirect. HB5002

State Budget

2014 Special Session I

Budget Amendments - HB5002 (Committee Approved)

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Auxilary Indirect (language only)

Item 3-4.01 #1h

Item 3-4.01 #1h
Auxiliary Enterprises in Institutions of Higher Education
Auxiliary Enterprise Investment Yields

Language
Page 450, line 20, strike "as determined by the State Council of Higher Education" and insert:
"as certified by institutions of higher education to the Comptroller subject to annual audit by the Auditor of Public Accounts".

Explanation
(This amendment streamlines processes consistent with recommendations of the Higher Education Advisory Committee.)

Item 3-4.01

Item 3-4.01

§ 3-4.00 AUXILIARY ENTERPRISES AND SPONSORED PROGRAMS IN INSTITUTIONS OF HIGHER EDUCATION

§ 3-4.01 AUXILIARY ENTERPRISE INVESTMENT YIELDS

A. The educational and general programs in institutions of higher education shall recover the full indirect cost of auxiliary enterprise programs as determined by the State Council of Higher Education. The State Comptroller shall credit those institutions meeting this requirement with the interest earned by the investment of the funds of their auxiliary enterprise programs.

B. No interest shall be credited for that portion of the fund's cash balance that represents any outstanding loans due from the State Treasurer. The provisions of this section shall not apply to the capital projects authorized under Items C-36.21 and C-36.40 of Chapter 924, 1997 Acts of Assembly.

State Budget

2014 Special Session I

Budget Amendments - HB5002 (Committee Approved)

Auxilary Indirect (language only)

Item 3-4.01 #1h

Item 3-4.01 #1h

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Item 3-4.01