§ 20-38-3-14 — Financing of commission

Indiana § 20-38-3-14

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 38: EDUCATIONAL COMPACTS
• Ch. 3: Interstate Compact on Educational Opportunity for

Text

ARTICLE XIV. FINANCING OF THE
INTERSTATE COMMISSION
A. The interstate commission shall pay, or provide for the payment
of, the reasonable expenses of its establishment, organization, and
ongoing activities.
B. The interstate commission may levy on, and collect an annual
assessment from, each member state to cover the cost of the operations
and activities of the interstate commission and its staff. The total
amount of the assessment must be sufficient to cover the interstate
commission's annual budget as approved each year. The total annual
assessment amount shall be allocated based upon a formula to be
determined by the interstate commission, which shall adopt a rule
binding upon all member states.
C. The interstate commission may not incur obligations of any kind
before securing the funds adequate to meet the obligations, nor shall
the interstate commission pledge the credit of any of the member states,
except by and with the authority of the member state.
D. The interstate commission shall keep accurate accounts of all
receipts and disbursements. The receipts and disbursements of the
interstate commission are subject to the audit and accounting
procedures established under its bylaws. However, all receipts and
disbursements of funds handled by the interstate commission shall be
audited yearly by a certified or licensed public accountant, and the
report of the audit shall be included in and become part of the annual
report of the interstate commission.

Legislative History

As added by P.L.21-2009, SEC.1.