63A-3-103 - Duties of director of division -- Application to institutions of higher education.
63A-3-103. Duties of director of division -- Application to institutions of highereducation.
(1) The director of the Division of Finance shall:
(a) define fiscal procedures relating to approval and allocation of funds;
(b) provide for the accounting control of funds;
(c) approve proposed expenditures for the purchase of supplies and services;
(d) promulgate rules that:
(i) establish procedures for maintaining detailed records of all types of leases;
(ii) account for all types of leases in accordance with generally accepted accountingprinciples;
(iii) require the performance of a lease with an option to purchase study by state agenciesprior to any lease with an option to purchase acquisition of capital equipment; and
(iv) require that the completed lease with an option to purchase study be approved by thedirector of the Division of Finance;
(e) if the department operates the Division of Finance as an internal service fund agencyin accordance with Section 63A-1-109.5, submit to the Rate Committee established in Section63A-1-114:
(i) the proposed rate and fee schedule as required by Section 63A-1-114; and
(ii) other information or analysis requested by the Rate Committee; and
(f) prescribe other fiscal functions required by law or under the constitutional authority ofthe governor to transact all executive business for the state.
(2) (a) Institutions of higher education are subject to the provisions of Title 63A, Chapter3, Part 1, General Provisions, and Part 2, Accounting System, only to the extent expresslyauthorized or required by the State Board of Regents under Title 53B, State System of HigherEducation.
(b) Institutions of higher education shall submit financial data for the past fiscal yearconforming to generally accepted accounting principles to the director of the Division of Finance.
(3) The Division of Finance shall prepare financial statements and other reports inaccordance with legal requirements and generally accepted accounting principles for the stateauditor's examination and certification:
(a) not later than 60 days after a request from the state auditor; and
(b) at the end of each fiscal year.
Amended by Chapter 341, 2010 General Session