§ 2.2-5004. Financial and administrative management standards for publicinstitutions of higher education.
For purposes of this chapter:
"Public institution of higher education" means the same as that term isdefined in § 23-38.89.
A. Every public institution of higher education in the Commonwealth shalltake all appropriate actions to meet the following financial andadministrative management standards:
1. An unqualified opinion from the Auditor of Public Accounts upon the auditof the public institution's financial statements;
2. No significant audit deficiencies attested to by the Auditor of PublicAccounts;
3. Substantial compliance with all financial reporting standards approved bythe State Comptroller;
4. Substantial attainment of accounts receivable standards approved by theState Comptroller, including, but not limited to, any standards foroutstanding receivables and bad debts;
5. Substantial attainment of accounts payable standards approved by the StateComptroller including, but not limited to, any standards for accounts payablepast due; and
6. Such other financial and administrative management standards as theGovernor may establish, or as may be included in the appropriation actcurrently in effect.
B. Any public institution of higher education that does not meet all of thefinancial management standards in subsection A, including any established bythe Governor, and such other financial management standards as may beincluded in the appropriation act currently in effect as determined in awritten certification by the Auditor of Public Accounts pursuant to §30-133.1 shall develop and implement a plan of corrective action for purposesof meeting such standards as soon as practicable. The Chairman of the Boardof Visitors or other governing body of the public institution of highereducation shall provide a copy of the written plan to the Auditor of PublicAccounts and the Secretaries of Education, Finance, and Administrationpromptly upon completion of the development of the written plan.
C. In addition, any public institution of higher education that does not meetall administrative management standards specified by the Governor, and suchstandards currently in effect for such institutions as determined in awritten certification by the Auditor of Public Accounts pursuant to §30-133.1 shall develop and implement a plan of corrective action for purposesof meeting such standards as soon as practical. Copies of the correctiveaction plan shall be provided to the same persons included under subsection Bupon completion of the development of the written plan.
§ 2.2-5004. Financial and administrative management standards for publicinstitutions of higher education.
For purposes of this chapter:
"Public institution of higher education" means the same as that term isdefined in § 23-38.89.
A. Every public institution of higher education in the Commonwealth shalltake all appropriate actions to meet the following financial andadministrative management standards:
1. An unqualified opinion from the Auditor of Public Accounts upon the auditof the public institution's financial statements;
2. No significant audit deficiencies attested to by the Auditor of PublicAccounts;
3. Substantial compliance with all financial reporting standards approved bythe State Comptroller;
4. Substantial attainment of accounts receivable standards approved by theState Comptroller, including, but not limited to, any standards foroutstanding receivables and bad debts;
5. Substantial attainment of accounts payable standards approved by the StateComptroller including, but not limited to, any standards for accounts payablepast due; and
6. Such other financial and administrative management standards as theGovernor may establish, or as may be included in the appropriation actcurrently in effect.
B. Any public institution of higher education that does not meet all of thefinancial management standards in subsection A, including any established bythe Governor, and such other financial management standards as may beincluded in the appropriation act currently in effect as determined in awritten certification by the Auditor of Public Accounts pursuant to §30-133.1 shall develop and implement a plan of corrective action for purposesof meeting such standards as soon as practicable. The Chairman of the Boardof Visitors or other governing body of the public institution of highereducation shall provide a copy of the written plan to the Auditor of PublicAccounts and the Secretaries of Education, Finance, and Administrationpromptly upon completion of the development of the written plan.
C. In addition, any public institution of higher education that does not meetall administrative management standards specified by the Governor, and suchstandards currently in effect for such institutions as determined in awritten certification by the Auditor of Public Accounts pursuant to §30-133.1 shall develop and implement a plan of corrective action for purposesof meeting such standards as soon as practical. Copies of the correctiveaction plan shall be provided to the same persons included under subsection Bupon completion of the development of the written plan.
§ 2.2-5004. Financial and administrative management standards for publicinstitutions of higher education.
For purposes of this chapter:
"Public institution of higher education" means the same as that term isdefined in § 23-38.89.
A. Every public institution of higher education in the Commonwealth shalltake all appropriate actions to meet the following financial andadministrative management standards:
1. An unqualified opinion from the Auditor of Public Accounts upon the auditof the public institution's financial statements;
2. No significant audit deficiencies attested to by the Auditor of PublicAccounts;
3. Substantial compliance with all financial reporting standards approved bythe State Comptroller;
4. Substantial attainment of accounts receivable standards approved by theState Comptroller, including, but not limited to, any standards foroutstanding receivables and bad debts;
5. Substantial attainment of accounts payable standards approved by the StateComptroller including, but not limited to, any standards for accounts payablepast due; and
6. Such other financial and administrative management standards as theGovernor may establish, or as may be included in the appropriation actcurrently in effect.
B. Any public institution of higher education that does not meet all of thefinancial management standards in subsection A, including any established bythe Governor, and such other financial management standards as may beincluded in the appropriation act currently in effect as determined in awritten certification by the Auditor of Public Accounts pursuant to §30-133.1 shall develop and implement a plan of corrective action for purposesof meeting such standards as soon as practicable. The Chairman of the Boardof Visitors or other governing body of the public institution of highereducation shall provide a copy of the written plan to the Auditor of PublicAccounts and the Secretaries of Education, Finance, and Administrationpromptly upon completion of the development of the written plan.
C. In addition, any public institution of higher education that does not meetall administrative management standards specified by the Governor, and suchstandards currently in effect for such institutions as determined in awritten certification by the Auditor of Public Accounts pursuant to §30-133.1 shall develop and implement a plan of corrective action for purposesof meeting such standards as soon as practical. Copies of the correctiveaction plan shall be provided to the same persons included under subsection Bupon completion of the development of the written plan.
