New Jersey Statutes 18A:3B-53.8. Chief financial officer, public institution of higher education, duties, responsibilities
Terms Used In New Jersey Statutes 18A:3B-53.8
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Fiduciary: A trustee, executor, or administrator.
- Higher education: means that education which is provided by any or all of the public institutions of higher education as herein defined and any or all equivalent private institutions. See New Jersey Statutes 18A:1-1
- Oversight: Committee review of the activities of a Federal agency or program.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
(1) acting as the lead agent on matters pertaining to financial reporting and planning, budget preparation, and management of investments and debts;
(2) ensuring the short-term and long-term fiscal health of the institution;
(3) providing oversight of the business practices of the institution;
(4) aligning the institution’s budget and strategic plans; and
(5) reporting the financial condition of the institution to the secretary, and the governing board and president of the institution on a regular basis.
b. The secretary, in consultation with the State Comptroller and the Attorney General, shall prescribe terms and conditions, consistent with applicable State and federal law, upon which a chief financial officer may be held accountable for violations of the fiduciary duties of that position, including incompetence, or for any dishonest, deceptive, or fraudulent practice.
L.2023, c.115, s.8.