West Virginia Code 18B-3F-6 – Budget; transfer of financial assets, property, liability, orders, policies, procedures, etc
When a consolidated institution is formed:
Terms Used In West Virginia Code 18B-3F-6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- operating budget: means for any fiscal year an institution's total unrestricted education and general funding from all sources, including, but not limited to, tuition and fees and legislative appropriation, and any adjustments to that funding as approved by the commission or council based on comparisons with peer institutions or to reflect consistent components of peer operating budgets. See West Virginia Code 18B-1-2
- Sponsoring institution: means a state institution of higher education that maintained an administrative link to a community and technical college providing essential services prior to July 1, 2008. See West Virginia Code 18B-1-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(1) The operating budget of each affected institution is integrated under the authority and jurisdiction of the board of governors of the consolidated institution.
(2) All financial assets, including state fund balances, and liabilities are transferred from the authority of the board of governors of each affected institution to the authority of the board of governors of the consolidated institution.
(3) Any capital debt service payment formerly the responsibility of an affected institution or the affected institution's share of any capital debt service payment of its former sponsoring institution continues in the required amount and is the responsibility of the board of governors of the consolidated institution.
(4) The titles to all real property, facilities and equipment of, as well as each valid agreement and obligation undertaken by, the affected institutions are transferred to the board of governors of the consolidated institution, which shall exercise general determination, control, supervision and management of the financial, business and education policies and affairs of the consolidated multicampus institution.
(5) The title to all property purchased for the use of an affected institution is vested in the board of governors of the consolidated multicampus institution.