Sec. 10a-128. (Formerly Sec. 10-141f). John Dempsey Hospital, The University of Connecticut Health Center and Uncas-on-Thames Hospital, accounts receivable as expendable assets.
Sec. 10a-128. (Formerly Sec. 10-141f). John Dempsey Hospital, The University of Connecticut Health Center and Uncas-on-Thames Hospital, accounts receivable as expendable assets. (a) The University of Connecticut may record as assets, and
spend not more than ninety per cent of, the book value of accounts receivable that are
estimated by independent auditors as collectible at the John Dempsey Hospital and for
its clinical programs at The University of Connecticut Health Center in Farmington. A
report of book value shall be made by the university to the State Comptroller each
quarter. The Comptroller shall record the value on the books of the state and approve
expenditures against said value.
(b) The University of Connecticut may record as assets, and spend not more than
seventy per cent of, the book value of accounts receivable that are estimated by independent auditors as collectible at the Uncas-on-Thames Hospital. A report of book value
shall be made by the university to the State Comptroller each quarter. The Comptroller
shall record the value on the books of the state and approve expenditures against said
value.
(c) The University of Connecticut may record as assets, and spend not more than
seventy per cent of, the book value of accounts receivable that are estimated by independent auditors as collectible at The University of Connecticut Health Center for its university physicians' clinical operations, provided no expenditures against said value shall
be approved by the Comptroller unless and until the balance of funds held in the health
center fund established under subsection (c) of section 10a-105 is zero or less than zero.
The health center shall defray the cost to the state of any such expenditures by paying,
at least quarterly, to the State Treasurer the state's cost of funds at an average rate of
interest equivalent to the rate or rates of interest payable on the state's outstanding short
term borrowings or, if there are no outstanding borrowings, the rate of interest for thirty-day state obligations of comparable security and quality as determined by the State
Treasurer, or as determined by the State Treasurer based upon at least two quotations
from dealers thereof. Any interest payments received by the State Treasurer from the
health center pursuant to this subsection which have not been applied to pay debt service
on the state's short term borrowings, if any, by the end of any fiscal year, shall be treated
as revenue to the General Fund. A report of book value shall be made by the university
to the State Comptroller each quarter. The Comptroller shall record the value on the
books of the state and approve expenditures against said value.
(1969, P.A. 458, S. 1; P.A. 74-178, S. 1, 2; P.A. 86-190, S. 1, 2; P.A. 89-268, S. 3, 4; P.A. 91-178, S. 1, 2; 91-406, S.
23, 29.)
History: P.A. 74-178 amended Subsec. (a) to include book value of accounts receivable at Burgdorf Health Center
and at the Farmington Health Center, as well as at McCook Hospital provided that only accounts deemed collectible by
independent auditors may be recorded as assets and to require that financial accounts at Farmington Health Center be kept
separately; Sec. 10-141f transferred to Sec. 10a-128 in 1983 pursuant to reorganization of higher education system; P.A.
86-190 amended Subsec. (a) to delete reference to McCook Hospital and Burgdorf Health Center and substitute reference
to John Dempsey Hospital, to require quarterly rather than monthly reports to comptroller, and to delete requirement that
financial accounts of clinical activities at health center in Farmington be kept separately from those at McCook Hospital
and Burgdorf Health Center and repealed Subsec. (b) which provided that comptroller shall reimburse The University of
Connecticut auxiliary services fund for advances made prior to July 8, 1969, to provide working capital at McCook Hospital,
and that reimbursement shall be in an amount of $800,000 and shall be made as provided in Subsec. (a); P.A. 89-268
added Subsec. (a) designation and new Subsec. (b) re percentage of accounts receivable at Uncas-on-Thames Hospital as
expendable assets; P.A. 91-178 added Subsec. (c) re recording of as assets and spending of certain health center accounts
receivable; P.A. 91-406 added "or less than zero" after "zero" in the phrase, "established under subsection (c) of section
10a-105 is zero" in Subsec. (c); (Revisor's note: In 1995 the words "University of Connecticut" were inserted editorially
by the Revisors in Subsec. (a) for consistency with other statutory references).
See chapter 187c (Secs. 10a-250-10a-263, inclusive,) re John Dempsey Hospital Finance Corporation, generally.