N.Y. Comp. Codes R. & Regs. tit. 8 § 602.13
Current through Register Vol. 46, No. 50, December 11, 2024
Section 602.13 - Annual financial report(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 any 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 a) any adjustments made for reimbursement for appropriate rental costs and b) any special allocations made to a college pursuant to a plan approved by the State University Board of Trustees and further approved by the director of the New York State Budget, further pursuant to any appropriations made by the State to support such plan.(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.N.Y. Comp. Codes R. & Regs. Tit. 8 § 602.13
Amended New York State Register October 16, 2019/Volume XLI, Issue 42, eff. 10/16/2019Amended New York State Register October 20, 2021/Volume XLIII, Issue 42, eff. 10/20/2021Amended New York State Register October 12, 2022/Volume XLIV, Issue 41, eff. 10/12/2022Amended New York State Register October 16, 2024/Volume XLVI, Issue 42, eff. 10/16/2024Amended New York State Register October 23, 2024/Volume XLVI, Issue 43, eff. 10/8/2024, exp. 12/6/2024 (Emergency)