§ 16-57-6.5 - Annual audited financial report to the governor and general assembly. - Rhode Island Statutes

SECTION 16-57-6.5

   § 16-57-6.5  Annual audited financialreport to the governor and general assembly. – (a) The authority, shall submit to the governor, the speaker of the house ofrepresentatives, the president of the senate, and the secretary of state anannual audited financial report, prepared in accordance with generally acceptedaccounting principles, on the operations of the tuition savings program byNovember 1 of each year. The annual audit shall be made either by the auditorgeneral or by an independent certified public accountant approved by theauditor general and shall include direct and indirect costs attributable to theuse of outside consultants, independent contractors, and any other persons whoare not state employees.

   (b) The annual audited financial report shall be supplementedby the following information, to be submitted by April 1 of each year, on theoperations of the program for the previous calendar year:

   (1) A summary of meetings or hearings held, meeting minutes,subjects addressed, decisions rendered, rules or regulations promulgated,studies conducted, policies and plans developed, approved, or modified, andprograms administered or initiated; and a summary of any clerical,administrative or technical support received; a summary of performance duringthe previous fiscal year including accomplishments, shortcomings and remedies;a synopsis of hearings, complaints, suspensions or other legal matters relatedto the authority of the board; a summary of any training courses held pursuantto subsection 16-57-7(a)(2); a briefing on anticipated activities in theupcoming fiscal year; and findings and recommendations for improvements;

   (2) A summary of the benefits provided by the tuition savingsprogram including the number of participants and beneficiaries;

   (3) Any other information which is relevant in order to makea full, fair and effective disclosure of the assets and operations of theprogram; and

   (4) The foregoing supplemental information shall be postedelectronically on the general assembly's and the secretary of state's websitesas prescribed in § 42-20-8.2 of the Rhode Island general laws. Thedirector of the department of administration shall be responsible for theenforcement of this provision.