15-55-20. Financial records required

15-55-20. Financial records required Each institution under the control of the state board of higher education which has constructed student housing, a food service facility, or a student union under the provisions of this chapter shall maintain records of financial accounts to provide a record of revenues received and expenses incurred in the use of such revenue-producing building. The definition of "expenses incurred" includes, but is not limited to, the estimated value of heat, electricity, water, repairs, insurances, and janitorial and maintenance services provided. From the information recorded in such records, appropriate financial statements must be prepared and included in the institutions' published and audited annual or biennial financial reports.