Mich. Comp. Laws § 390.120
The president, subject to the direction of the board of trustees, shall appoint a business manager of Michigan state university who shall have the general charge, under the direction of the president and the board of trustees, of the financial affairs of the institution, and of any other financial matter with the administration of which the board of trustees may be charged. Money due to the institution or received in its behalf shall be collected and received by the business manager and shall be deposited with the treasurer of the board of trustees. The funds deposited shall be subject to warrants signed by the president of the university and the business manager or their authorized agents. The business manager shall render monthly a full and complete account of money received and the warrants drawn on the treasurer, as the business manager of the university, and shall file and preserve vouchers, receipts, correspondence, or other papers relating to the warrants. The business manager shall keep in the business manager's office a complete record of the financial transactions, in a manner which may be approved by the board and the state treasurer, and which shall be made available to the public in compliance with the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246. At the close of each fiscal year, the business manager shall make a full and detailed report of the financial affairs of the institution, together with statistical matter as may be of interest.
MCL 390.120