                                 CODE OF VIRGINIA

FINANCIAL AND ADMINISTRATIVE MANAGEMENT STANDARDS FOR PUBLIC INSTITUTIONS OF
HIGHER EDUCATION (§ 23.1-1001)

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&#8217;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 &#xA7; 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 &#xA7; 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.

HISTORY: 2016, c. 588.