§ 116-37.2. Regulation of University of North Carolina Hospitals at Chapel Hill Funds.
§ 116‑37.2. Regulation of University of NorthCarolina Hospitals at Chapel Hill Funds.
(a) As used in this section, "funds" means:
(1) Moneys, or the proceeds of other forms of property, receivedby the University of North Carolina Hospitals at Chapel Hill as gifts, devises,or bequests.
(2) Moneys received by the University of North CarolinaHospitals at Chapel Hill pursuant to grants from, or contracts with, the UnitedStates government or any agency or instrumentality thereof.
(3) Moneys received by the University of North CarolinaHospitals at Chapel Hill pursuant to grants from, or contracts with, any Stateagencies, any political subdivisions of the State, any other states or nationsor political subdivisions thereof, or any private entities whereby theUniversity of North Carolina Hospitals at Chapel Hill undertakes, subject toterms and conditions specified by the entity providing the moneys, to conductresearch, training, or public service programs.
(4) Moneys received from or for the operation by the Universityof North Carolina Hospitals at Chapel Hill of any of its self‑supportingauxiliary enterprises, including the Liability Insurance Trust Fund.
(5) Moneys received by the University of North CarolinaHospitals at Chapel Hill in respect to fees and other payments for services itrenders in its hospital and/or clinical operations.
(6) The net proceeds from the disposition effected pursuant toArticle 7 of Chapter 146 of the General Statutes of any interest in realproperty owned by or under the supervision and control of the University ofNorth Carolina Hospitals at Chapel Hill if the interest in real property hadfirst been acquired by gift, devise, or bequest or through expenditure ofmoneys defined in this subsection, except the net proceeds from the dispositionof an interest in real property first acquired by the University of NorthHospitals at Chapel Hill through expenditure of moneys received as a grant froma State agency.
(b) The Board of Directors of the University of North CarolinaHealth Care System, as established in G.S. 116‑37(b), is responsible forthe custody and management of the funds of the University of North CarolinaHospitals at Chapel Hill. The Board shall adopt uniform policies and proceduresapplicable to the administration of these funds, which shall assure that thereceipt and expenditure of such funds is properly authorized and that the fundsare appropriately accounted for. The Board may delegate authority, through theChief Executive Officer of the University of North Carolina Health Care Systemto the President of the University of North Carolina Hospitals at Chapel Hill,when such delegation is necessary or prudent to enable the University of NorthCarolina Hospitals at Chapel Hill to function in a proper and expeditiousmanner.
(c) Funds under this section shall be deposited with the StateTreasurer who shall hold them in trust in the name of the University of NorthCarolina Hospitals at Chapel Hill.
(d) Funds deposited with the State Treasurer in an accountpursuant to this section, and investment earnings thereon, are available forexpenditure by the University of North Carolina Hospitals at Chapel Hillwithout further authorization from the General Assembly.
(e) Funds under this section are subject to the oversight of theState Auditor pursuant to Article 5A of Chapter 147 of the General Statutes butare not subject to the provisions of the Executive Budget Act except forcapital improvements projects, which shall be authorized and executed inaccordance with G.S. 143‑18.1.
(f) The University of North Carolina Hospitals at Chapel Hillshall submit such reports or other information concerning its fund accountsunder this section as may be required by the Director of the Budget.
(g) Funds under this section, or the investment incometherefrom, shall not take the place of State appropriations or any partthereof, but any portion of these funds available for general institutionalpurposes shall be used to supplement State appropriations to the end that theUniversity of North Carolina Hospitals at Chapel Hill may improve and increasetheir functions, may enlarge their areas of service, and may become more usefulto a greater number of people.
(h) Notwithstanding the provisions of subsection (c) of thissection, the Board may designate as the official depository of the fundsidentified in subdivisions (a)(4), (a)(5), and (a)(6) of this section one ormore banks or trust companies in this State for any investments authorized byG.S. 147‑69.2(b3). (2005‑417, s. 4.)