LAC 28:IX.311. Financial Operations [Formerly §309]

A. The business and financial management of the institution shall be directed by a qualified and bonded business officer responsible to the institution's chief executive officer. B. Institutions are required to maintain adequate insurance to protect the operation of the institution and to guard against any personal or public liability. C. All institutions shall provide the Board of Regents with a financial review prepared in accordance with standards established by the American Institute of Certified Public Accountants. However, an institution accredited by an agency recognized by the United States Department of Education may, at its discretion, submit financial statements prepared in accordance with rules and guidelines established by the accrediting agency. D. Institutions shall maintain and update a long-range financial development plan for the institution.