Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 53 Pa.B. 8238 (December 30, 2023).

22 Pa. Code § 31.14. Financial records.

§ 31.14. Financial records.

 (a)  The budget of an institution must provide for necessary expenditures, including library and learning resources, faculty, student services, noninstructional staff and other operating costs.

 (b)  For a university having State System status, the following apply:

   (1)  Financial records shall be maintained which are in accordance with generally accepted accounting principles and procedures for educational institutions.

   (2)  Records shall be audited as provided by Article XX-A of the School Code (24 P. S. § §  20-2001-A—20-2019-A).

 (c)  For an institution having State-related or State-aided status, the following shall apply:

   (1)  Financial records shall be maintained which are in accordance with generally accepted accounting principles and procedures for educational institutions. The institution shall apply State appropriated moneys only for the purposes as are permitted in the applicable appropriation act and shall at all times maintain proper records showing the application of the moneys.

   (2)  After the close of the fiscal year and in accordance with the provisions of an applicable statute or appropriation act, the institution shall file with the Secretary and the Auditor General of the Commonwealth a statement setting forth the amounts and purposes of all expenditures made during the fiscal year. If there is no applicable provision in a statute or appropriation act, then the statement shall be filed not later than 120 days after the close of the fiscal year. The Auditor General shall have the right to review expenditures and to audit the expenditures made from appropriated moneys.

 (d)  For an institution having independent status, financial records shall be maintained which are in accordance with generally accepted accounting principles and procedures for educational institutions. For business (for-profit) corporations offering academic programs leading to an academic degree, the financial records shall be maintained separately for the portion of the corporation constituting the Pennsylvania institution offering the academic programs. The financial records for for-profit corporations must show that the required minimum protective endowment of $500,000 is maintained.

 (e)  For an institution having licensed status and approval for at least one specialized associate degree program, financial records shall include a detailed statement covering the past 3 fiscal years or statements which the institution has submitted to the Internal Revenue Service for the past 3 fiscal years.

 (f)  For an institution having foreign corporation status, separate financial records shall be maintained for each enterprise operating in this Commonwealth and shall be in accordance with generally accepted accounting principles and procedures for educational institutions.

 (g)  For CECs, funding is allocated through an annual grant award. Financial and performance reporting requirements of the Department are specified in the annual contract. The Department will provide oversight of the expenditures and activities undertaken by the community education councils during the grant period. The CECs shall maintain records, documents and files so that they will be available for inspection for a period specified in the grant agreement.

Authority

   The provisions of the §  31.14 issued under sections 1317 and 1319 of The Administrative Code of 1929 (71 P. S. § §  367 and 369); sections 5 and 9 of the Indiana University of Pennsylvania Act (24 P. S. § §  2510-105 and 2510-109); sections 2002-A and 2421 of the Public School Code of 1949 (24 P. S. § §  20-2002-A and 24-2421); amended under sections 2603-B and 2604-B of the Public School Code of 1949 (24 P. S. § §  26-2603-B and 26-2604-B); and section 1 of the act of August 13, 1963 (P. L. 698, No. 372) (24 P. S. §  2421) (Repealed).

Source

   The provisions of this §  31.14 adopted April 30, 1982, effective May 1, 1982, 12 Pa.B. 1389; amended May 23, 1986, effective May 24, 1986, 16 Pa.B. 1808; amended January 29, 1988, effective January 30, 1988, 18 Pa.B. 455; amended February 7, 1992, effective February 8, 1992, 22 Pa.B. 578; amended July 14, 2006, effective July 15, 2006, 36 Pa.B. 3650. Immediately preceding text appears at serial pages (244529) to (244530).

Cross References

   This section cited in 22 Pa. Code §  40.11 (relating to mission and governance); 22 Pa. Code §  40.26 (relating to agreements); and 22 Pa. Code §  40.33 (relating to agreements).



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