California Code of Regulations
Title 5 - Education
Division 5 - Board of Trustees of the California State Universities
Chapter 1 - California State University
Subchapter 5 - Administration
Article 15 - Alumni Associations
Section 42397.5 - Audit
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) A campus alumni association shall permit the Chancellor, the university auditor, the campus president, and the campus internal auditor or designee to inspect and audit its books and records as well as those of its financial institution(s) as relates to the campus alumni association's account(s). In addition, a campus alumni association shall permit the university auditor and the campus internal auditor to review directly all bank account records.
(b) A campus alumni association with annual gross revenues in excess of $1 million shall have an annual audit of its financial statements performed in accordance with generally accepted auditing standards and in accordance with any additional systemwide procedures prescribed by the Chancellor or designee, by a certified public accountant selected by the alumni association.
(c) A campus alumni association with annual gross revenues in excess of $500 thousand and less than $1 million shall have an annual review of its financial statements performed by a certified public accountant selected by the alumni association in accordance with standards for accounting and review services and in accordance with any additional systemwide procedures prescribed by the Chancellor or designee.
(d) A campus alumni association with annual gross revenues less than $500 thousand shall have its financial statements compiled by a certified public accountant selected by the alumni association in accordance with standards for accounting and review services and in accordance with any additional systemwide procedures prescribed by the Chancellor or designee.
(e) A campus alumni association whose assets and records are in the custody of an auxiliary organization shall present its financial position through supplemental schedules attached to the audited financial statement of the auxiliary organization in sufficient detail to fully represent the financial position and activities of the alumni association. These schedules shall be subjected to the same procedures as the auxiliary's statements and in accordance with any additional systemwide procedures prescribed by the Chancellor or designee.
(f) When completed, the campus alumni association's financial statements shall be furnished to the campus president or designee on the date designated by the campus president or designee.
(g) A campus alumni association shall make its financial statements available upon request for public inspection within a reasonable period of time.
1. New section filed 11-20-2002; operative 11-20-2002. Submitted to OAL for printing only pursuant to Education Code section 89030.1 (Register 2003, No. 5).
Note: Authority cited: Sections 89030 and 89031.1, Education Code. Reference: Sections 89030 and 89902, Education Code.
