2005 Vermont Code - § 2281. — Annual audit; reports; control of funds

§ 2281. Annual audit; reports; control of funds

(a) The books and accounts of the University of Vermont and State Agricultural College shall be audited annually as of June 30, under the supervision of the auditor of accounts. The report of such audit shall be published in detail by the auditor of accounts.

(b) The president of the University of Vermont and State Agricultural College shall, on or before October 1 in each even year, file with the auditor of accounts, and the state treasurer, statements showing in detail the amount appropriated to the University of Vermont and State Agricultural College and expended for the current biennial fiscal periods and the amount estimated to be necessary for the current ensuing fiscal periods as required by law in the case of the head of every department of the state.

(c) He shall also report to every legislature, when it shall assemble for its biennial session, on the activities of the University of Vermont and State Agricultural College during the preceding biennium.

(d) Control of funds appropriated and of the work carried on shall be vested in the board of trustees of the University of Vermont and State Agricultural College.

(e) The University of Vermont and State Agricultural College shall provide an accounting service which shall account for the expenditures by divisions.

(f) Control of funds appropriated and of the work carried on under the terms of section 2321 of this title shall be vested in the board of trustees of the University of Vermont and State Agricultural College. The University of Vermont and State Agricultural College shall provide an accounting service which shall account for the expenditure of funds by divisions and shall make an annual financial report to the governor of the state. All funds appropriated to the agricultural college shall be kept in a separate account and shall be audited annually by the auditor of accounts.