2023 New Jersey Revised Statutes
Title 18A - Education
Section 18A:3B-53.8 - Chief financial officer, public institution of higher education, duties, responsibilities.
18A:3B-53.8 Chief financial officer, public institution of higher education, duties, responsibilities.
8. 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.
L.2023, c.115, s.8.
