FINANCIAL RESOURCE RETENTION AND MANAGEMENT Sample Clauses

FINANCIAL RESOURCE RETENTION AND MANAGEMENT. Pursuant to subsection C of § 23.1-206 of the Code of Virginia, the State Council of Higher Education for Virginia (SCHEV) annually shall assess and certify to the Governor and the General Assembly the degree to which each public institution of higher education of the Commonwealth has met the financial and administrative management and education-related performance benchmarks called for by that subsection and approved as part of the general appropriation act then in effect for the state goals and objectives set forth in subdivisions A l through 12 of § 23.1-
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FINANCIAL RESOURCE RETENTION AND MANAGEMENT. Under § 23-38.104(A)(i) of the Act, subject to applicable accountability measures and audits, the University shall have the power and authority to manage all monies received by it. All State general funds to be allocated to the University shall remain subject to the appropriations process. Pursuant to subsection C of § 23-9.6:1.01 of the Code of Virginia, the State Council of Higher Education for Virginia (“SCHEV”) annually shall assess and certify to the Governor and General Assembly the degree to which each public institution of higher education of the Commonwealth has met the financial and administrative management and educational-related performance benchmarks called for by that subsection and approved as part of the Appropriation Act then in effect for the State goals and objectives set forth in subdivisions B 1 through B 11 of § 23-38.88 of the Act. Pursuant to § 2.2-5005 of the Code of Virginia, beginning with the fiscal year that immediately follows the first full fiscal year for which the financial and administrative management and educational-related performance benchmarks described in § 23-9.6:1.01 are effective, as provided in a general Appropriation Act, and for all fiscal years thereafter, each public institution of higher education of the Commonwealth that (i) has been certified during the fiscal year by SCHEV as having met such institutional performance benchmarks and (ii) meets the conditions prescribed in subsection B of § 23-38.88, shall receive certain financial incentives, including the interest on the tuition and fees and other non-general fund Educational and General Revenues deposited into the State Treasury by the public institution of higher education. Consistent with the prior paragraph, beginning with the fiscal year following the first fiscal year for which it has received such certification from SCHEV, the University is authorized to hold and invest tuition, Educational and General (“E&G”) fees, research and sponsored program funds, auxiliary enterprise funds, and all other non-general fund revenues subject to the following requirements:
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FINANCIAL RESOURCE RETENTION AND MANAGEMENT. Pursuant to subsection C of § 23.1-206 of the Code of Virginia, the State Council of Higher 2853 Education for Virginia (SCHEV) annually shall assess and certify to the Governor and the General 2854 Assembly the degree to which each public institution of higher education of the Commonwealth has met 2855 the financial and administrative management and education-related performance benchmarks called for 2856 by that subsection and approved as part of the general appropriation act then in effect for the state 2857 goals and objectives set forth in subdivisions A l through 12 of § 23.1-1002 of the Act. Each public 2858 institution of higher education of the Commonwealth that (i) has been certified during the fiscal year by 2859 SCHEV as having met such institutional performance benchmarks and (ii) meets the conditions 2860 prescribed in subsection A of § 23.1-1002 of the Act, shall receive certain financial incentives, including 2861 interest on the tuition and fees and other nongeneral fund education and general revenues deposited 2862 into the State Treasury by the public institution of higher education. In order to be certified, the ENROLLED SB1386ER 2863 University must meet all measures adopted prior to the effective date of this management agreement 2864 pursuant to subdivision A 3 of § 23.1-1003 of the Act. 2865 The Commonwealth shall retain all funds related to general fund appropriations but shall pay these 2866 funds to the University as specified in Section IX of this policy. The University is authorized to deposit 2867 tuition, educational and general fees, research and sponsored program funds, auxiliary enterprise funds, 2868 and all other nongeneral fund revenues weekly in the State Treasury pursuant to the state process in 2869 2870 2871 place at the time of such deposit. The University shall be given any interest earned on auxiliary balances on a monthly basis. The University also shall have sum sufficient appropriation authority for all nongeneral funds as 2872 approved by the Governor and the General Assembly in the Commonwealth's biennial appropriations 2873 process and shall report to the Department of Planning and Budget (i) its estimate of the nongeneral 2874 fund revenues for the sum sufficient appropriation to be included in the biennial Budget Bill for each of 2875 the two years in the next biennium by November 1 of each odd-numbered year and (ii) the estimate to 2876 2877 2878 be included in the Budget Bill for the first and second ye...
Sample 1
FINANCIAL RESOURCE RETENTION AND MANAGEMENT. Under subsection A of § 23-38.104 of the Act, subject to applicable accountability measures and audits, the University shall have the power and authority to manage all monies received by it. All State general funds to be allocated to the University shall remain subject to the appropriations process.
Sample 1

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