A. Each public institution of higher education shall meet the following financial and administrative management standards:
1. An unqualified opinion from the Auditor of Public Accounts upon the audit of the public institution’s financial statements;
2. No significant audit deficiencies attested to by the Auditor of Public Accounts;
3. Substantial compliance with all financial reporting standards approved by the State Comptroller;
4. Substantial attainment of accounts receivable standards approved by the State Comptroller, including any standards for outstanding receivables and bad debts;
5. Substantial attainment of accounts payable standards approved by the State Comptroller including any standards for accounts payable past due; and
6. Other financial and administrative management standards established by the Governor or included in the general appropriation act currently in effect.
B. Each public institution of higher education that does not meet all of the financial management standards in subsection A according to the written certification of the Auditor of Public Accounts pursuant to § 30-133.1 shall develop and implement a written plan of corrective action to meet such standards as soon as practicable. The chairman or rector of the governing board of the public institution of higher education shall promptly provide a copy of the completed written plan to the Auditor of Public Accounts and the Secretaries of Education, Finance, and Administration.
C. Each public institution of higher education that does not meet all of the administrative management standards established by the Governor and such standards currently in effect for such institutions according to the written certification of the Auditor of Public Accounts pursuant to § 30-133.1 shall develop and implement a written plan of corrective action to meet such standards as soon as practical. The chairman or rector of the governing board of the public institution of higher education shall promptly provide a copy of the completed written plan to the Auditor of Public Accounts and the Secretaries of Education, Finance, and Administration.