AN ACT TO AFFIRM THE AUTHORITY AND RESPONSIBILITY OF THE BOARD OF TRUSTEES OF DELAWARE STATE COLLEGE IN CONNECTION WITH THE CONTROL OF THE COLLEGE'S FEES, TUITIONS AND OTHER REVENUES INCLUDING FUNDS RECEIVED BY GIFT, DEVISE OR GRANT; AND FURTHER PROVIDING THAT THE BOARD OF TRUSTEES FURNISH ANNUALLY A FINANCIAL REPORT TO THE GOVERNOR AND GIVE THE STATE AUDITOR ACCESS TO ALL APPROPRIATE FINANCIAL BOOKS AND RECORDS OF THE COLLEGE.
Section 1. Notwithstanding any provisions appearing elsewhere in the Laws of Delaware which might suggest or provide anything to the contrary, the Board of Trustees of Delaware State College shall have the full control and management of all of the fiscal affairs of Delaware State College to include the establishment of fees and charges and the collection thereof, the adoption of the College's budget, the selection of means and procedures for the deposit, investment and control of all monies, funds and securities, except State appropriated funds, which are now held or may at any time be received by Delaware State College as well as the allocation, use and reinvestment of the proceeds and earnings of any such deposits and investments.
Section 2. The Board of Trustees of Delaware State College shall cause to be made to the Governor of the State of Delaware an annual financial report of all receipts and disbursements of the College within 120 days following the close of the fiscal year.
Section 3. The State Auditor of Accounts shall have full access to all appropriate financial books.
Approved July 21, 1976