Bill Text: MA H1166 | 2009-2010 | 186th General Court | Introduced
Bill Title: That institutions of higher education of the Commonwealth be required to file audited financial statements
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-08-23 - Accompanied a study order, see H04997 [H1166 Detail]
Download: Massachusetts-2009-H1166-Introduced.html
The Commonwealth of Massachusetts
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PRESENTED BY:
Paul Kujawski
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To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act regarding financial statements.
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PETITION OF:
|
Name: |
District/Address: |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE HOUSE, NO. 1186 OF 2007-2008.]
The Commonwealth of
Massachusetts
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In the Year Two Thousand and Nine
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An Act regarding financial statements.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1.Chapter 15A, section 15 of the General Laws is hereby amended at the end thereof by adding the following:
“Each institution within the system of public higher education shall annually produce audited financial statements in accordance with generally accepted account principles (GAAP), generally accepted governmental auditing standards. Said statements shall be in accordance with the procedures for timeliness and for disclosures as proscribed by the office of the State Comptroller. The statements shall include all expenditures and revenues from all appropriated and non-appropriated funds and be filed with the Office of the State Comptroller, the Board of Higher Education no later than October 15.
The State Comptroller shall take appropriate corrective action toward any institution that fails to meet the specified requirements, including but not limited to a requirement for a utilization of the state accounting system for all appropriated and non-appropriated funds and accounts of said institution.”
