N.J. Admin. Code § 9A:1-1.7

Current through Register Vol. 56, No. 11, June 3, 2024

Section 9A:1-1.7 - Finances

(a) An institution shall continuously ascertain its financial requirements, determine its sources of revenue, plan for current and future needs, and budget its resources accordingly.

(b) To qualify for and retain a license, an institution shall demonstrate that it:

1. Possesses financial resources sufficient to realize its mission over an extended period of time;

2. Has a long-range financial plan that includes a program for securing gifts, grants, and other appropriate income;

3. Plans its expenditures by budgeting available resources for specific institutional purposes; and

4. Maintains adequate financial records that are audited annually by an independent certified public accountant in accordance with generally accepted auditing standards promulgated by the American Institute of Certified Public Accountants for colleges and universities.

(c) Each licensed New Jersey institution shall furnish annually to the Secretary a copy of its audited financial statement and management letter(s) (if issued) on or before December 31 of each year. An out-of-State institution licensed to offer college credit-bearing courses or academic degree programs in the State shall furnish to the Secretary a copy of its audited financial statement and management letter(s) upon request of the Secretary.

(d) Each licensed institution also shall carry insurance or provide for self-insurance to maintain the solvency of the institution in case of loss by fire or other causes, to protect the institution in instances of personal and public liability, and to ensure the continuity of the institution.

N.J. Admin. Code § 9A:1-1.7

Amended by 47 N.J.R. 3112(a), effective 12/21/2015