§ 35-12-2 - Purpose and findings. - Rhode Island Statutes

SECTION 35-12-2

   § 35-12-2  Purpose and findings. – The purpose of this chapter is to authorize and implement a system of financialplanning which would allow the university of Rhode Island (the "university") tomore accurately match revenues and expenditures for externally funded researchprograms for each fiscal year. The general assembly has found and herebydeclares that it is in the public interest to encourage independent researchactivity at the university and further that it is essential to the financialwell being of the state and the university that revenues from externally fundedresearch programs be allocated to the fiscal years in which they accrue and bematched to the expenditures for the programs that are incurred for that fiscalyear. The general assembly has further found that under the present systemrevenues are often received after the close of the fiscal year although theexpenditures to which they are matched were incurred prior to the close of thefiscal year, and that, in fact, under certain programs, funds must be expendedand then reimbursement sought from the contracting agency at a later date,often after the close of the fiscal year.