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Arkansas Code Title 6. Education § 6-62-109. Annual certification of solvency--Calculation of number of days of cash on hand

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

(a) Annually, the board of trustees and the president or chancellor of each state-supported institution of higher education shall certify to the Chief Fiscal Officer of the State and the Legislative Council that as of December 31, sufficient appropriations and funds:

(1) Are available to meet all current and anticipated obligations for the current fiscal year as the obligations become due; or

(2) Will become available to meet all current and anticipated obligations for the current fiscal year as the obligations become due.

(b) The certification from each state-supported institution of higher education shall be:

(1) Signed by the chair of the board of trustees and the president or chancellor;

(2) Sent no later than February 28 or upon release of the previous year's audit by Arkansas Legislative Audit to the Chief Fiscal Officer of the State and the Legislative Council;

(3) Accompanied by the published annual financial statement for the preceding fiscal year approved by the board of trustees; and

(4)(A) Accompanied by a calculation of the number of days of cash on hand prepared by the chief financial officer of each state-supported institution of higher education for the preceding fiscal year.

(B) Subdivision (b)(4)(A) of this section does not apply to the University of Arkansas for Medical Sciences.

(c) The Arkansas Higher Education Coordinating Board shall develop rules to implement this section.

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Cite this article: FindLaw.com - Arkansas Code Title 6. Education § 6-62-109. Annual certification of solvency--Calculation of number of days of cash on hand - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-6-education/ar-code-sect-6-62-109/

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