New York Codes, Rules and Regulations
Title 8 - EDUCATION DEPARTMENT
Chapter V - State University of New York
Subchapter D - Code of Standards and Procedures for the Administration and Operation of Community Colleges under the Program of State University of New York
Part 602 - College Finance and Business Operations (college Operating Fund)
Section 602.13 - Annual financial report
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Pursuant to section 30 of the General Municipal Law, the annual financial report shall be certified by the chief fiscal officer of the college and shall be filed with the State Comptroller within 60 days after the close of the college fiscal year. The chief fiscal officer is the college treasurer for purposes of this certification.
(b) The annual financial report shall be in compliance with article 126 of the Education Law, this Subchapter, and the manual for community college business offices, and on the forms and in accordance with instructions promulgated by the State Comptroller.
(c) The State University of New York, which shall also receive copies of the annual financial report, shall review the annual financial report for the purpose of the initial determination of the State liability.
(d) Any overpayment in State financial assistance for operating costs, as determined in the review of the annual financial report, shall be deducted from the second quarterly advance payment of State aid for the succeeding college fiscal year provided, however, that in no case shall the amount of basic State financial assistance for operating costs received in the 2022/23 academic year be less than 100 percent of the amount of basic State financial assistance for operating costs approved by the State University Board of Trustees for the preceding academic year , excluding any adjustments made for reimbursement for appropriate rental costs.
(e) Any underpayment in State financial assistance for operating costs, as determined in the review of the annual financial report, shall be processed in accordance with sections 602.3 and 602.9 of this Part.
(f) The college shall be subject to audit by the Office of the State Comptroller for the purpose of the final determination of the State liability.
