a. develop written policies and procedures that establish a system of internal controls over the development and management of mandatory student fees and ensure that these controls are applied consistently. The written policies shall define who is responsible for the assessment or adjustment of the mandatory student fees, and shall include guidelines for monitoring whether mandatory student fee revenue is used efficiently and for the intended purpose;

b. assess each of the institution’s mandatory student fees individually and document the criteria and justification for any adjustments made to the fees. For each mandatory student fee the documentation shall include, at a minimum, the purpose of the student fee, the criteria used to determine its rate, the projected mandatory fee revenue, and the appropriate use of the revenue;

c. establish separate funds in the institution’s budget for each individual mandatory student fee to promote transparency of fee revenue and expenditures;

d. implement accounting procedures that establish a process to accurately identify transactions related to mandatory student fee activity and the expenditures related to each of the mandatory student fees; and

e. include in the institution’s description of its mandatory student fees, all uses of the fee monies including salaries.

L.2019, c.201, s.1.