Rutgers Law

New Jersey Statutes, Title: 18A, EDUCATION

    Chapter 3b:

      Section: 18A:3b-53.8: Chief financial officer, public institution of higher education, duties, responsibilities.

          8. a. The Secretary of Higher Education shall establish the duties and responsibilities of a chief financial officer of a public institution of higher education, which shall include, but not be limited to:

(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.

This section added to the Rutgers Database: 2023-11-14 12:15:13.

Older versions of 18a:3b-53.8 (if available):

Court decisions that cite this statute: CLICK HERE.