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New Jersey Statutes Title 18A. Education 18A § 3B-53.8

Current as of January 01, 2024 | Updated by Findlaw Staff

a. The Secretary of Higher Education shall establish the duties and responsibilities of a chief financial officer of a public institution of higher education, which shall include, but not be limited to:

(1) acting as the lead agent on matters pertaining to financial reporting and planning, budget preparation, and management of investments and debts;

(2) ensuring the short-term and long-term fiscal health of the institution;

(3) providing oversight of the business practices of the institution;

(4) aligning the institution's budget and strategic plans; and

(5) reporting the financial condition of the institution to the secretary, and the governing board and president of the institution on a regular basis.

b. The secretary, in consultation with the State Comptroller and the Attorney General, shall prescribe terms and conditions, consistent with applicable State and federal law, upon which a chief financial officer may be held accountable for violations of the fiduciary duties of that position, including incompetence, or for any dishonest, deceptive, or fraudulent practice.

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Cite this article: FindLaw.com - New Jersey Statutes Title 18A. Education 18A § 3B-53.8 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-18a-education/nj-st-sect-18a-3b-53-8/

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