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Arkansas Code Title 6. Education § 6-61-222. Financial condition report

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) The Division of Higher Education shall prepare a financial condition report, which shall include without limitation the information required under subdivision (b)(1) of this section.

(2) The financial condition report prepared under subdivision (a)(1) of this section shall be subject to biennial review by the Arkansas Higher Education Coordinating Board, the House Committee on Education, and the Senate Committee on Education.

(3) The board may promulgate rules necessary for the implementation of this section and shall report to the House Committee on Education and the Senate Committee on Education the failure of an institution to comply with this section.

(b)(1) On a date determined by the division, each state-supported institution of higher education shall submit annually the following information for inclusion in the financial condition report required under subdivision (a)(1) of this section:

(A) Expenditures per full-time equivalent student by function, which includes without limitation:

(i) Instruction;

(ii) Research;

(iii) Public service;

(iv) Academic support;

(v) Student services;

(vi) Institutional support;

(vii) Operating and maintenance of plant; and

(viii) Scholarships and fellowships;

(B) Operating margins and education and general revenue fund balances;

(C) Net tuition and fee income;

(D) Faculty salaries;

(E) Institutional scholarship expenditures;

(F) Deferred and critical maintenance needs as determined by the facilities audit program;

(G) Auxiliary enterprise expenditures;

(H) Intercollegiate athletics revenues and expenditures;

(I) Bonds and loans that are reviewed for economic feasibility;

(J) Gross tuition and fee income;

(K) Gross direct state income;

(L) Gross federal income;

(M) Total student accounts receivable and an aging report in accordance with § 6-61-131;

(N) A calculation of the number of days of cash on hand in accordance with § 6-62-109; and

(O) Any other information requested by the division or the board.

(2) The board shall review the financial condition report required under subdivision (a)(1) of this section and submit it to the House Committee on Education and the Senate Committee on Education by January 15 of each odd-numbered year.

(c) The board may establish standards to report other information that may be required to meet other state or federal statutory or regulatory requirements.

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Cite this article: FindLaw.com - Arkansas Code Title 6. Education § 6-61-222. Financial condition report - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-6-education/ar-code-sect-6-61-222/

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