California Code of Regulations › Title 5 - Education › Division 5 - Board of Trustees of the California State Universities › Chapter 1 - California State University › Subchapter 5 - Administration › Article 15 - Alumni Associations › Section 42397.5 - Audit

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A campus alumni
					 association shall permit the Chancellor, the university auditor, the campus
					 president, and the campus internal auditor or designee to inspect and audit its
					 books and records as well as those of its financial institution(s) as relates to the
					 campus alumni association's account(s). In addition, a campus alumni association
					 shall permit the university auditor and the campus internal auditor to review
					 directly all bank account records.
(b) A
					 campus alumni association with annual gross revenues in excess of $1 million shall
					 have an annual audit of its financial statements performed in accordance with
					 generally accepted auditing standards and in accordance with any additional
					 systemwide procedures prescribed by the Chancellor or designee, by a certified
					 public accountant selected by the alumni association.
(c) A campus alumni association with annual gross
					 revenues in excess of $500 thousand and less than $1 million shall have an annual
					 review of its financial statements performed by a certified public accountant
					 selected by the alumni association in accordance with standards for accounting and
					 review services and in accordance with any additional systemwide procedures
					 prescribed by the Chancellor or designee.
(d) A campus alumni association with annual gross
					 revenues less than $500 thousand shall have its financial statements compiled by a
					 certified public accountant selected by the alumni association in accordance with
					 standards for accounting and review services and in accordance with any additional
					 systemwide procedures prescribed by the Chancellor or designee.
(e) A campus alumni association whose assets and
					 records are in the custody of an auxiliary organization shall present its financial
					 position through supplemental schedules attached to the audited financial statement
					 of the auxiliary organization in sufficient detail to fully represent the financial
					 position and activities of the alumni association. These schedules shall be
					 subjected to the same procedures as the auxiliary's statements and in accordance
					 with any additional systemwide procedures prescribed by the Chancellor or
					 designee.
(f) When completed, the campus
					 alumni association's financial statements shall be furnished to the campus president
					 or designee on the date designated by the campus president or designee.
(g) A campus alumni association shall make its
					 financial statements available upon request for public inspection within a
					 reasonable period of time.
1. New section
						filed 11-20-2002; operative 11-20-2002. Submitted to OAL for printing only pursuant
						to Education Code section
						89030.1
						(Register 2003, No. 5).
Note: Authority cited: Sections
						  89030 and
						  89031.1,
						  Education Code. Reference: Sections
						  89030 and
						  89902, Education
						  Code.