§ 359. Reports of the state university trustees. 1. The trustees of
the state university shall make, on or before January first of each
year, an annual report of its activities and such recommendations as it
may deem appropriate to the board of regents, the governor, the state
comptroller and the legislature. This annual report shall include a
summary of state university's (1) operations and accomplishments; and
(2) revenues and expenditures, in accordance with the categories or
classifications established by the trustees of the state university for
operating and capital outlay purposes. A copy of such report shall also
be transmitted to the council of each state-operated institution.

2. On the fifteenth day of September, November, January, March, May
and July of each year, the trustees of the state university shall submit
to the chairs of the senate finance committee and the assembly ways and
means committee and the director of the budget for informational
purposes, bi-monthly reports developed in consultation with the
aforementioned chairs and director of all receipts and disbursements of
the state university. These reports shall include but not be limited to:

a. a comparison of actual receipts and disbursements with the fiscal
year expenditure and revenue plan;

b. an allocation of lump sums;

c. an allocation of lump sum positions;

d. the reallocation between campuses of personal service based upon
full-time equivalent positions;

e. transfers to other than personal service and temporary service;

f. campus allocation changes; and

g. identification of any revenue shortfalls, deficiencies, surpluses,
or budgetary actions by the governor.

3. The trustees of the state university shall submit to the governor,
the state comptroller and the legislature, within one hundred twenty
days after the close of each state university fiscal year, an annual
financial statement which has been audited by an independent certified
public accountant and prepared in accordance with generally accepted
accounting principles as prescribed by the state comptroller.

4. On the fifteenth day of February, May, August and November of each
year, the state university shall provide the chairs of the senate
finance committee and the assembly ways and means committee and the
director of the budget with: (a) quarterly reports summarizing all
expenditures from and status of the health care account and the
contractual reserve account authorized by subdivision eight-a of section
three hundred fifty-five of this article; and (b) a list of networks in
which state university health care facilities are participating.

6. The state university trustees shall annually report on how the
revenue generated has been invested in faculty, instruction, initiatives
to improve student success and on-time completion and student financial
assistance for the duration of the four year tuition plan. The trustees
shall submit the report by September first of each subsequent year.