(a)  The treasurer of the university of Rhode Island, as appointed by the board of trustees, shall:

(1)  Keep an accurate account of his or her receipts and expenditures, which shall be audited by the state controller; and

(2)  Turn over to the general treasurer at monthly intervals all sums of money received by him or her during the preceding month which shall be credited to the proper accounts and funds by the general treasurer.

(b)  The state controller shall establish an imprest fund or petty cash fund for the use of the treasurer of the university for expenditures of any nature as may be approved by the state controller.