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Legal Resources | Title 5 |  T5  42408  

Fiscal Audits.   

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(a) Each auxiliary organization shall have an annual fiscal audit performed by a certified public accountant selected by the auxiliary organization. When completed, the audit shall be furnished to the Chancellor or designee on the date or dates designated by the Chancellor or designee.

(b) The annual fiscal audits shall be performed in accordance with standard systemwide procedures prescribed by the Chancellor.

(c) Each auxiliary organization, in order to disseminate as widely as feasible the audited financial statements, shall:

(1) Publish the audited financial statements in a campus newspaper; or

(2) Publish a notice in a campus newspaper indicating the on-campus location where copies of the audited financial statements may be obtained or reviewed, or

(3) Publish or notice the audited statements in accordance with subdivision (1) or (2) in a campus bulletin or other appropriate medium if a campus newspaper is unavailable.

Authority cited:

Education Code 89030

Education Code 89900

Reference:

Education Code 89900

Education Code 89904

(Amended by Register 99, No. 5.)