Section 8-B405. BUDGET SURPLUSES

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405.1The University shall retain non-appropriated funds at the end of each fiscal year. Retained non-appropriated funds shall be reported to the Board, and any expenditures from these funds shall be subject to prior approval by the Board.

405.2The Treasurer of the Board, with the approval of the Chairman or Vice Chairman, shall be authorized to invest a portion or portions of the surplus funds of the University in short term United States government obligations with maturity dates of not more than one (1) year from the date of investment.

405.3The Treasurer shall report investments made pursuant to § 405.2 to the Board for confirmation at the meeting following the investment.

                    
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