2005 Vermont Code - § 2177. — Controls and audits; financial reports; other reports

§ 2177. Controls and audits; financial reports; other reports

(a) Control of funds appropriated and of the work carried on shall be vested in the board of trustees.

(b) The books and accounts of the corporation shall be audited annually as of June 30 under the supervision of the auditor of accounts who shall publish the audit report in detail.

(c) The trustees on or before October 1 in every even numbered year shall file with the secretary of administration and with the state treasurer statements showing in detail the amount appropriated to the corporation and expended for the current fiscal biennium as required by law in the case of the head of each department of the state.

(d) Biennially the corporation shall report to the legislature on the activities of the corporation during the preceding biennium.

(e) With the approval of the governor the secretary of administration, through the deputy secretary of administration or such departments of the agency of administration as the secretary of administration may designate, shall have the following powers, duties and functions:

(1) The authority to allot from time to time to the corporation the appropriation made by the general assembly for the corporation. The allotment may be made on a monthly basis or as the work of the corporation may progress;

(2) The keeping of such controlling accounts as may be necessary in order to determine the accuracy and limit of the expenditures made under the allotments;

(3) Have access to and the right to copy any records of the corporation under such regulations as the governor may prescribe.

The corporation shall be governed by the allotments made as provided herein and shall not at any time exceed the sums thus allotted. But nothing contained herein shall authorize any decrease in any appropriation by the secretary of administration or any department commissioner, except to the extent that actual annual receipts are less than estimated receipts. (Added 1961, No. 247, § 1, eff. July 28, 1961.)