Washington Revised Code Title 28B. Higher Education § 28B.15.120. Board of trustees or regents--Annual budget requirements

(a) Approve a plan for how the programs will reduce operating deficits in future fiscal years;

(b) Conspicuously post to the college or university's website the financial statements of the programs for the three prior fiscal years and the plan in (a) of this subsection. Any public records request for a copy of the financial statements or plan must be at no cost to the requester;

(c) Approve in advance any transfer exceeding two hundred fifty thousand dollars; and

(d) Except as provided in subsection (3) of this section, approve in advance any expenditure over two hundred fifty thousand dollars that was not included in the approved annual budget, in an open public meeting.

(a) Time sensitive and the net fiscal impact of the expenditure results in a direct revenue gain to the program; or

(b) Required to meet an immediate public safety need.

(a) “Expenditure” means any discrete purchase, payment, contract amendment, or expense, unless that expenditure is required to meet an immediate public safety need.

(b) “Operating costs” means all direct and indirect costs to operate the programs including the value of any costs that are typically charged to departments, but have been waived by the college or university. Waived costs include, but are not limited to the value of tuition waivers for student athletes and any internal or central service costs not charged to the programs.

(c) “Operating deficit” means the amount by which the aggregate operating costs of the programs exceeds the aggregated receipts and revenue directly generated by the programs in the fiscal year, plus any transfers of reserves that were originally generated directly by the athletic department account.

(d) “Programs for intercollegiate athletic competition” or “programs” means those programs established under RCW 28B.10.703.

(e) “Transfers” means any transfer of moneys to an account used by programs for intercollegiate athletic competition from any account that holds moneys not directly generated by the programs.