OLR Bill Analysis

sSB 240

AN ACT ALLOWING THE RETENTION OF AN ADMINISTRATIVE COST ALLOWANCE FROM THE CONNECTICUT INDEPENDENT COLLEGE STUDENT GRANT PROGRAM FOR COMPLIANCE AUDITS.

SUMMARY:

The Connecticut Independent College Student Grant (CICSG) program provides need-based undergraduate financial aid (grants) to state residents attending the state's independent colleges and universities. The Office of Financial and Academic Affairs for Higher Education (OFAAHE) administers the program.

By law, every two years, each institution participating in the program must submit (presumably to OFAAHE) the results of a compliance audit done by an independent certified public accountant (CPA) for each year it participates in the program. This bill permits up to $ 20,000 of the annual CICSG appropriation to OFAAHE to be used to pay for the audits.

In practice, OFAAHE contracts with independent CPA firms to conduct these audits and pays for them within its existing appropriations for Other Expenses.

EFFECTIVE DATE: July 1, 2012

COMMITTEE ACTION

Higher Education and Employment Advancement Committee

Joint Favorable Substitute Change of Reference

Yea

15

Nay

3

(03/13/2012)

Appropriations Committee

Joint Favorable

Yea

37

Nay

18

(04/03/2012)