2013 Vermont Statutes
Title 16 Education
Chapter 72 VERMONT STATE COLLEGES
§ 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 financial statements of the corporation shall be audited annually as of June 30 by an independent public accounting firm registered in Vermont in accordance with government auditing standards issued by the United States Government Accountability Office (GAO). The auditor of accounts or his or her designee shall be the state's nonvoting representative to an audit committee established by the board.

(c) [Repealed.]

(d) [Repealed.]

(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; amended 2007, No. 121 (Adj. Sess.), 3; 2007, No. 154 (Adj. Sess.), 6, 9; 2009, No. 33, 83(g)(3).)