N.J. Admin. Code § 10:37D-3.2

Current through Register Vol. 57, No. 1, January 6, 2025

Section 10:37D-3.2 - Governing board; financial responsibility

(a) Each PA's governing board shall assume fiduciary responsibility for the financial management of the PA.

1. The governing board shall authorize, approve and adopt the PA's annual budget.

2. The governing board shall approve all capital projects.

3. The governing board shall review and approve the PA's annual audits performed by an independent public accountant.

4. Each governing board shall formally designate a member to certify financial statements by signature.

5. The governing board shall monitor expenditure reports on at least a quarterly basis to ensure the PA's financial solvency.

N.J. Admin. Code § 10:37D-3.2