(a)  The treasurer shall submit to the governor, the speaker of the house of representatives, the president of the senate, and the secretary of state an annual, audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the tuition savings program by November 1 of each year. The annual audit shall be made either by the auditor general or by an independent, certified public accountant approved by the auditor general and shall include direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not state employees.

Terms Used In Rhode Island General Laws 16-57-6.5

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Program: means the tuition savings program established pursuant to § 16-57-6. See Rhode Island General Laws 16-57-3
  • savings program: means a program approved and administered by the general treasurer, in conjunction with the executive director of the Rhode Island Student Loan Authority, and the commissioner of postsecondary education, designed to facilitate and encourage savings by, or on behalf of, students, future students, and parents for the purpose of paying the costs of attending institutions of higher education. See Rhode Island General Laws 16-57-3
  • Secretary: means the United States secretary of education. See Rhode Island General Laws 16-57-3
  • State: means the state of Rhode Island. See Rhode Island General Laws 16-57-3

(b)  The annual audited financial report shall be supplemented by the following information, to be submitted by April 1 of each year, on the operations of the program for the previous calendar year:

(1)  A summary of the benefits provided by the tuition savings program including the number of participants and beneficiaries;

(2)  Any other information that is relevant in order to make a full, fair, and effective disclosure of the assets and operations of the program; and

(3)  The foregoing supplemental information shall be posted electronically on the general assembly’s and the secretary of state’s websites as prescribed in § 42-20-8.2. The treasurer shall be responsible for the enforcement of this provision.

History of Section.
P.L. 1997, ch. 81, § 2; P.L. 1997, ch. 91, § 2; P.L. 2006, ch. 332, § 2; P.L. 2006, ch. 435, § 2; P.L. 2015, ch. 141, art. 7, § 6.