§ 21-28-3-6 — Finance

Indiana § 21-28-3-6

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 28: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 3: Midwestern Higher Education Compact

Text

ARTICLE V. FINANCE. (a) The money
necessary to finance the general operations of the Commission not
otherwise provided for in carrying forth its duties, responsibilities, and
powers as stated in this chapter shall be appropriated to the
Commission by the compacting states, when authorized by the
respective legislatures by equal apportionment among the compacting
states.
(b) The Commission shall not incur any obligations of any kind
prior to the making of appropriations adequate to meet the same; nor
shall the Commission pledge the credit of any of the compacting states,
except by and with the authority of the compacting state.
(c) The Commission shall keep accurate accounts of all receipts and
disbursements. The receipts and disbursements of the Commission
shall be subject to the audit and accounting procedures established
under its bylaws. However, all receipts and disbursements of funds
handled by the 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 Commission.
(d) The accounts of the Commission shall be open at any reasonable
time for inspection by duly authorized representatives of the
compacting states and persons authorized by the Commission.
[Pre-2007 Higher Education Recodification Citation:
20-12-73-7.]

Legislative History

As added by P.L.2-2007, SEC.269.